Ethereum

Rally

Solana

The impressive rally for Ethereum Layer-1 competitor Solana (SOL) continues as the altcoin registers another 12% gain on the daily chart. At press time, SOL is trading 11.97% up at $36.34 and a market cap of $15.2 billion. 
<h3 id="solana-price-gives-a-bullish-breakout">Solana Price Gives A Bullish Breakout</h3> 
Amid its current price rally, Solana has given a breakout above its 300-day resistance of $35, thereby opening the gates for a further rally to $40. Interestingly, the recent price surge has been backed by an impressive 150% in the 24-hour trading volumes. 
Amid the current rally, the SOL price is also up by a staggering 80% over the last two weeks, thereby recuperating all the losses over the past year. 
Looking at the daily chart, Solana’s price movement has taken on a <a href="https://coingape.com/markets/solana-price-prediction-as-buyers-hit-300-days-resistance/" target="_blank" rel="noopener">V-shaped recovery pattern</a>, rebounding from its low point at $17.4. This upward momentum is accompanied by a notable surge in trading volume, indicating strong buyer confidence and a collective push to drive the asset’s value higher. 
<img decoding="async" class="aligncenter size-full wp-image-162867" src="https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally.png" alt="" width="1946" height="1104" srcset="https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally.png 1946w, https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally-300x170.png 300w, https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally-1224x694.png 1224w, https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally-768x436.png 768w, https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally-1536x871.png 1536w, https://coingape.com/wp-content/uploads/2023/10/Solana-SOL-Price-Rally-150x85.png 150w" sizes="(max-width: 1946px) 100vw, 1946px"> 
Also, <a rel="nofollow" href="https://www.coinglass.com/currencies/SOL" target="_blank">data</a> from CoinGlass shows that more than $4.3 million in Solana short liquidations took place over the last 24 hours. 
<h3 id="sol-price-predictions">SOL Price Predictions</h3> 
Amid the current breakout, the immediate target for Solana on the upside would be $40. Breaking past that would open up gates to further price rally up to $50 and beyond. 
Financial giant VanEck recently <a href="https://coingape.com/vaneck-prediction-on-10600-solana-price-rally-by-2030-triggers-debate/" target="_blank" rel="noopener">published a report</a> expecting a 10,600% price rally in Solana by the year 2030. In the optimistic scenario, VanEck expects the SOL price to touch $3,211.28 by the year 2030. 
The report delves into a scenario in which Solana becomes the first blockchain to host applications with over 100 million users. 
Furthermore, it outlines how Solana aims to narrow the gap with Ethereum in the future. VanEck, an active participant in the crypto space through its submissions of Bitcoin ETF applications to the SEC in recent years, may potentially introduce more products, including those related to Solana, in the coming times. 
The post <a rel="nofollow" href="https://coingape.com/solana-price-eyes-40-amid-impressive-rally-and-300-day-breakout/">Solana Price Eyes $40 Amid Impressive Rally And 300-Day Breakout</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Eyes $40 Amid Impressive Rally And 300-Day Breakout

Table of Contents

Coingape News Media

Other articles published on Oct 31, 2023

Cryptocurrency Statement from Minister Mehmet Şimşek!

Bitcoin (BTC) Price Analysis: Bears Spooked By 27% October Rally – 1 November 2023

Bitrue Unveils Thrilling News for The XRP Community, $ROE and $FLOKI Enter A Bull Run

Bitcoin’s price comparison on white paper 15th anniversary

Bittrex US Allowed to Wind Down Following SEC Charges!

MetaMask adds privacy-preserving security alerts to prevent billions from being stolen

Join our free newsletter for daily crypto updates!