Solana Bulls Charging – Could $50 Be Just Around The Corner?

FOR THE UPDATE…

Solana has shown remarkable resilience on its upward trajectory, despite minor setbacks over a 24-hour period. Recent on-chain data reveals that the altcoin concluded October with an impressive 62% gain.

This increase in performance has attracted considerable attention, with Mindset Reports increasing social domination of Solana. According to their data, almost 2% of all discussions regarding the top 100 assets are now related to SOL. These growing discussions around the altcoin suggest a notable rise in interest and optimism, closely aligned with its price rise.

Solana: Strong Buying Momentum, Higher Calendar Signals

Exam Solana Price Chart, it becomes evident that the purchasing volume is increasing, while the bullish momentum remains constant. On the longer time frame charts, breaking above the $27-$30 range was a clear signal that further gains were on the horizon.

📈 #Solana, which has now returned to 7th place in the market capitalization ranking, has now seen its value increase by +62% during an excellent month of October. Notably, almost 2% of all discussions related to the top 100 assets are related to $ SOLand the increase in volume would be #bullish. https://t.co/mIZzKHNmbc pic.twitter.com/KdMdULhyq3

–Santiment (@santimentfeed) October 31, 2023

These gains have materialized, as the current SOL price on CoinGecko stands at $39.00, despite an 8.5% drop over 24 hours. Over the past seven days, the token has seen an impressive rise of 20.6%. Fibonacci extension levels come into play here, indicating that $44.08 and $51.46 are crucial thresholds where bulls can decide to take profits and wait for a retracement.

Investors can view these levels as potential profit-taking points while anticipating a retracement. By strategically monitoring and acting in accordance with these levels, traders can make more informed and profitable decisions in the ever-changing world of cryptocurrencies.

SOL market cap slightly above $16 billion. Chart: TradingView.com

Despite initial concerns over FTX’s liquidation of approximately 57 million SOL tokens, Solana’s market capitalization showed significant growth, reaching an impressive $16.36 billion. This increase in market capitalization demonstrates the resilience and attractiveness of the Solana blockchain in the face of potential setbacks.

A key factor contributing to Solana’s remarkable performance is the strength of its ecosystem. With a fast, scalable and inexpensive network, Solana has attracted many projects and developers. Its DeFi and NFT platforms have gained popularity, further boosting the appeal of the SOL token.

SOL price action in the last week. Source: Coingecko

Challenges and road ahead

Although Solana’s recent performance has been impressive, the cryptocurrency market is inherently volatile and subject to sudden changes. It is essential that investors remain vigilant and informed, particularly in light of potential regulatory developments and market dynamics.

Solana’s bullish momentum suggests the possibility of reaching $50 soon. Platform advancements and market support indicate a promising trajectory. If this trend continues, reaching $50 could mark a significant victory for Solana, potentially reshaping the crypto landscape.

(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image by Pria_Berkarisma/Pixabay