Rally

Cardano

Solana

Bitcoin

<img width="2710" height="1454" src="https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58.png" class="attachment-full size-full wp-post-image" alt="Solana price prediction chart" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58.png 2710w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
Solana (SOL) price is coming up as one of the strongest bullish contenders of the last quarter of 2023. Although ‘Uptober’ started with&nbsp;<a href="https://coingape.com/bitcoin-price-prediction-after-completely-invalidating-the-bearish-fractal-has-pre-halving-rally-began/?utm_source=24hrsupdatebitcoin">Bitcoin (BTC)</a>&nbsp;blasting above $30,000 and trading at a new yearly high at $35,000, the largest crypto took a breather such that it is consolidating the gains above $34,000. 
On the other hand, Solana has managed to wade off negative sentiments, which have been calling for a correction since SOL climbed above $30. Not even reports of the embattled crypto exchange&nbsp;<a href="https://coingape.com/ftx-linked-wallet-transfers-10-million-in-solana-tokens-to-binance-sol-price-to-fall/">FTX moving millions of funds in SOL</a>&nbsp;and other tokens have been able to stop&nbsp;<a href="https://coingape.com/solana-price-eyes-40-amid-impressive-rally-and-300-day-breakout/?utm_source=24hrsupdateall">Solana’s rally</a>, which seems very close to blasting above a critical resistance at $40. 
<h2 class="p1" id="solana-price-prediction-assessing-the-bullish-market-structure">Solana Price Prediction: Assessing The Bullish Market Structure</h2> 
Within the two bullish consecutive months—September and October, Solana was able to topple immense resistance at $25, $28, $30, and most recently at $35. 
The smart contracts token increased 88% from September 1 to October 31, with 56% of the gains accrued over the last 30 days alone to exchange hands at $36. 
Going by the position of the Relative Strength Index (RSI), SOL is mainly in bullish hands. There were tell-tale signs of a reversal below $30 last week, but the RSI bounced off at 70, accentuating the bullish picture which encouraged traders to keep their buy positions open. 
An accumulation drive at $30 allowed bulls to build the necessary momentum for the resumption of the uptrend and boost&nbsp;<a href="https://coingape.com/price/solana/">Solana price</a>&nbsp;above $35. 
The presence of a bullish cross also played a significant role by enhancing positive sentiment among investors who now believe SOL is on a recovery path not only to $40 but also targeting $50 in the short term. 
<figure id="attachment_162921" aria-describedby="caption-attachment-162921" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58.png"><img decoding="async" class="size-full wp-image-162921" src="https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58.png" alt="Solana price prediction chart" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58.png 2710w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-300x161.png 300w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-768x412.png 768w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2023/10/SOLUSD_2023-10-31_17-19-58-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px"></a>
 <figcaption id="caption-attachment-162921" class="wp-caption-text">
 Solana price prediction chart | Tradingview
 </figcaption>
</figure> 
A golden cross occurs after a short-term moving average flips above a long-term moving average. For example, in SOL’s case, the 50-day Exponential Moving Average (EMA) (red) crossed above the 200-day EMA (purple) on October 22, which helped to validate the uptrend. 
The last time Solana presented such a bullish cross was in 2021, ushering in the previous bull run where SOL went ahead to achieve a new all-time at $260 in November of the same year. 
Therefore, if history is to repeat itself, as it is common with markets, Solana price could be in for a remarkable rally. 
Nevertheless, it is worth considering the possibility of a pullback to $30 before SOL launches the larger breakout above $40. Traders may want to keep in mind the potential resistance at $38.5 which could delay the breakout. Above $40, Solana price will likely have a smooth climb to $50 with a brief delay likely in the region between $45 and 46. 
<h2 class="p1" id="solana-leads-altcoins-in-aum-inflows">Solana Leads Altcoins In AUM Inflows</h2> 
Funds flowing into crypto investment products increased to $326 million last week. According to&nbsp;<a rel="nofollow" href="https://blog.coinshares.com/volume-155-digital-asset-fund-flows-weekly-report-c509d7ea4610">CoinShares</a>&nbsp;which monitors assets under management (AUM) in the industry, this marked the biggest inflows since July 2022. 
Bitcoin was the biggest gainer, seeing a 90% increase in inflows to $296 million, thanks to optimism around the potential approval of&nbsp;<a href="https://coingape.com/report-spot-bitcoin-etfs-can-see-14-billion-inflows-in-first-year/">BTC spot exchange-traded funds (ETFs)</a>. 
<figure id="attachment_162923" aria-describedby="caption-attachment-162923" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl.png"><img decoding="async" class="size-full wp-image-162923" src="https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl.png" alt="Solana weekly fund inflows chart" width="1368" height="972" srcset="https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl.png 1368w, https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl-300x213.png 300w, https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl-1224x870.png 1224w, https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl-768x546.png 768w, https://coingape.com/wp-content/uploads/2023/10/Volume-155_-Digital-Asset-Fund-Flows-Weekly-Report-_-by-James-Butterfill-_-Oct-2023-_-CoinShares-Bl-150x107.png 150w" sizes="(max-width: 1368px) 100vw, 1368px"></a>
 <figcaption id="caption-attachment-162923" class="wp-caption-text">
 Solana weekly fund inflows | CoinShares
 </figcaption>
</figure> 
Among altcoins, Solana was the undisputed king, accounting for approximately $24 million of the total crypto fund inflows, followed by Litecoin with $0.5 million and XRP with $0.2 million. 
Despite the increase in Ethereum price to above $1,800 related weekly fund outflows increased to $6 million. Cardano and Tron remained unchanged, seeing no inflows or outflows. 
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The post <a rel="nofollow" href="https://coingape.com/solana-price-rally-to-40-imminent-as-aum-inflows-hit-24m-second-only-to-bitcoin/">Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Rally To $40 Imminent As AUM Inflows Hit $24M, Second Only To Bitcoin

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