But Solana has defied the odds, increasing both in price and in market confidence. According to analyst Miles Deutscher, the gain coincides with a broader increase in positive sentiment for Solana, encouraging industry-wide discussions about its potential.

Solana sentiment and mindshare keeps going through the roof.

But the run is far from over.

I just uploaded an important $SOL update, including:

�My price prediction �My top ecosystem picks

If you hold Solana, you need to watch this video //t.co/fsa8qabYHE pic.twitter.com/KX7xeG3gkn

�Miles Deutscher (@milesdeutscher) October 24, 2024

Technical signs indicate an even brighter future for the fifth-largest altcoin. According to experts, Solana’s present trajectory, which is supported by a bullish pennant pattern, indicates that SOL might reach as high as $260 if it breaks past resistance.

Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh

�Santiment (@santimentfeed) October 23, 2024

Increasing Interest And Technical Indicators

As Solana’s price rose, observers saw a dramatic surge in positive sentiment about the asset. According to data, the number of discussions surrounding Solana has contributed to the upsurge observed in the slant.

Mindshare (a measure of the percentage of crypto discussions a coin commands) has remained high. For Deutscher, the increasing attentiveness on Solana is a sign that there is even more room for growth, contrary to the prevailing tendency in the market.

Although some investors are wary, experts say the technical terrain is still favorable. If the item breaks over its barrier, the optimistic pennant formation in SOL’s price action usually denotes more gains. Depending on if Solana can break out from its present level, its token’s price might be positioned for a notable climb toward $260.

Surprisingly, Solana’s comeback happens at the same time that Ethereum co-founder Anatoly Yakovenko shows his accolade on Ethereum. Solana and Ethereum are competitors, but Yakovenko recently praised Ethereum’s core technology and said he liked its design and goal.

I like @BanklessHQ and ethereum. I even like the ethereum design and vision. If you told me to go build an alternative to bitcoin, ethereum settlement layer focused design is what I would steer the engineering towards.

If that’s the vision, ethereum can just embrace all the�/p>

�toly (@aeyakovenko) October 24, 2024

This is of interest to people as they are generally two competing networks that try to outdo each other in offering superior decentralized apps and smart contracts functionality.

Ethereum has long been the preferred protocol among developers, but Solana, dubbed a “Ethereum-killer,” has quickly gained favor because to its speed and lower transaction fees. Yakovenko’s recognition demonstrates a developing sector in which competitors can acknowledge each other’s contributions to blockchain innovation.

Meanwhile, Deutscher feels Solana’s price might double or possibly quadruple, particularly if Bitcoin rises to new highs, say $100,000. SOL’s continued performance despite recent falls suggests that it may have strong community and long-term holders. For the time being, SOL is a coin to keep an eye on, and with increased sentiment and a technical boost, it appears to be on track to continue challenging expectations.

Featured image from Pintu, chart from TradingView

Analysts and investors are increasingly optimistic about Solana’s potential, with many forecasting continued upward momentum in the weeks ahead. Notably, prominent investor Carl Runefelt recently shared a technical analysis on SOL, highlighting a breakout from a bullish pattern that could signal massive gains for the cryptocurrency.

With this breakout, price action remains firmly bullish, indicating that the next major target for SOL is around the $185 level, where it will encounter local supply. If momentum holds, Solana could soon challenge this key resistance, further solidifying its place as a leader in the current market cycle.

Solana Breaking Out Of Cup&Handle Pattern

Solana is breaking out from a classic “Cup & Handle” pattern, often associated with strong bullish moves. This pattern has caught the attention of top analyst Carl Runefelt, who recently shared his technical analysis on X, indicating that Solana’s recent price action aligns with a breakout from a descending channel. 

According to Runefelt, this setup signals that Solana could be ready for a significant upward move. He shared a chart with a potential price target of $370, suggesting a substantial 115% surge from current levels.

Runefelt’s optimism stems from the Cup & Handle pattern, where the price consolidates after an uptrend and then forms a small dip (the handle) before breaking out. This pattern is known to attract strong buyer interest, representing a period of consolidation and momentum building. 

However, while the breakout is promising, it may take some time to fully play out, as the entire crypto market appears to settle before its next significant move. Solana has consistently outperformed in this cycle, with price action and volume reflecting sustained investor interest. 

With Solana pushing through key resistance levels and establishing a solid foundation, the potential for a bullish continuation is high. If the breakout confirms and Solana’s momentum holds, the next weeks could see SOL pushing into new heights, solidifying its position as a top-performing altcoin and meeting investors’ bullish expectations for substantial gains ahead.

SOL Testing Crucial Supply 

Solana is trading at $171, maintaining a strong uptrend with a well-defined bullish structure over the past two weeks. This level represents a key demand zone that previously acted as resistance, signaling a potential for higher gains if the price holds steady. A continued hold above $171 would support further bullish momentum, potentially pushing SOL toward the next significant supply area at $185.

However, should SOL lose the $171 support, a retrace to around $160 is likely. This level has been pivotal in the past weeks, serving as a strong resistance point that capped previous price attempts to rise, creating a solid foundation for renewed bullish interest. A move down to $160 wouldn’t necessarily break the overall uptrend but would offer an opportunity to consolidate before the next push higher.

As investors and traders watch these levels closely, the $171 mark will be an immediate gauge of strength. Holding above it keeps the uptrend intact, while a dip to $160 would still offer support for Solana’s longer-term bullish outlook. SOL’s resilience in these levels reflects the optimism surrounding the asset’s potential in the weeks ahead.

Featured image from Dall-E, chart from TradingView

Top analyst Carl Runefelt recently shared a technical analysis suggesting a potential surge for SOL in the coming days, with a target of $176. His analysis highlights key bullish patterns, but concerns about the broader market correction could drag Solana down if the correction intensifies.

With the market in flux, the next few days will be crucial for SOL. Investors watch closely for signs of strength or weakness that could influence the price action. While optimism remains for a potential surge, caution is warranted as the market correction unfolds.

Solana Testing Previous Supply As Demand 

Solana is currently at a critical level, holding strong above $160, a price that had previously acted as resistance since early August. SOL has broken above this level and found support, so it signals a potential shift in the monthly trend that has kept the price suppressed. Investors are watching closely to see if this shift will lead to continued bullish momentum.

Crypto analyst and investor Carl Runefelt recently shared a technical analysis on X, offering insight into Solana’s short-term outlook. He revealed a 1-hour chart showing a symmetrical triangle, a bullish pattern often preceding strong price movements. 

The upper line of this triangle sits around $168, and Runefelt suggests that if SOL manages to break above this level, the next target would be $176. This would mark a significant push to new local highs, further solidifying Solana’s bullish trend.

As Solana continues to hold above $160, the market is waiting. Investors are exercising patience and are aware that the next few hours and days could be pivotal for SOL’s price action. 

If the bullish pattern materializes and the price breaks out, it could lead to a significant rally. However, until that breakout occurs, traders are cautious, knowing that short-term volatility could still impact Solana’s performance.

Technical Levels To Watch 

Solana is currently trading at $165 after facing a rejection from the $171 mark, a key resistance level that may hold the price down for a few days or weeks. Despite this setback, SOL has shown resilience, rebounding strongly from the daily 200 moving average (MA) at $150 and successfully breaking past the $160 resistance. This breakout is a significant development, signaling a potential upside once the broader market begins pushing up again.

Holding above the $160 level is crucial for SOL, reflecting investor confidence and signals strength in the price action. Holding this support level would signal optimism about Solana’s ability to rally and reach new yearly highs in November.

The coming days will determine whether SOL can keep bullish momentum or if a prolonged consolidation below $171 is in. Investors are closely watching for signs of strength and a continued push higher.

Featured image from Dall-E, chart from TradingView

• SOL price is correcting gains from the $172 resistance zone against the US Dollar.
• The price is now trading above $162 and the 100-hourly simple moving average.
• There was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL/USD pair (data source from Kraken).
• The pair could revisit the $162 support zone before the bulls take a stand.

Solana Price Eyes Retest of Support

Solana price climbed above the $150 and $155 levels. SOL gained pace after there was a close above the $162 resistance level. However, the bears were active near the $172 zone.

The price started a downside correction from the $171 high like Bitcoin and Ethereum. There was a move below the $168 level. The price declined below the 50% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.

Besides, there was a break below a connecting bullish trend line with support at $166 on the hourly chart of the SOL/USD pair. Solana is now trading above $162 and the 100-hourly simple moving average.

On the upside, the price is facing resistance near the $168 level. The next major resistance is near the $170 level. The main resistance could be $172. A successful close above the $170 and $172 resistance levels could set the pace for another steady increase. The next key resistance is $180. Any more gains might send the price toward the $188 level.

More Losses in SOL?

If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $164 level or the 76.4% Fib retracement level of the upward move from the $161.23 swing low to the $171.00 high.

The first major support is near the $162 level. A break below the $162 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $150 support in the near term.

Technical Indicators

Hourly MACD �The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) �The RSI for SOL/USD is below the 50 level.

Major Support Levels �$164 and $162.

Major Resistance Levels �$168 and $172.

Investors and traders are now paying attention to Solana after an impressive comeback, allowing the digital currency to once again hit a two-month high.

Solana Set For A Historic Price Rally

Several analysts predicted that Solana could gear up for an exponential price rally after the crypto successfully rebounded from a slump in August.

According to their computation, the cryptocurrency’s price could skyrocket by over 2,500%, saying that from its current price of slightly over $170, Solana is on track to reach the $4,500 level. It is a huge growth that excites crypto traders and enthusiasts alike.

The forecast was made after Solana clawed its way back to the $171 mark in the last 11 weeks, the highest it has attained since August 1. Traders argued that the digital currency’s impressive recovery indicated that its price could go up further, saying that it is gaining momentum, and a 25-fold price hike is possible.

Although some market observers agree that Solona’s price is moving on an upward trajectory, they are a bit pessimistic about the 2,500% surge, offering a much more conservative estimate for the hike.

According to CoinGecko, a price increase of $450 from the current $171 is more reasonable than massive growth being floated by other analysts.

Hey bud do you mean $450?

�CoinGecko (@coingecko) October 21, 2024

A Whale Took Advantage Of The Peak

Lookonchain reported that a whale took advantage of when Solana hit a high of $164 and sold a huge chunk of crypto. According to the smart money tracker, the prominent whale traded $3.86 million worth of digital currency or the equivalent of 22,726 SOL — a move considered to be typical of a whale who usually buys when the market is down and sells when the price hits its peak.

A smart whale sold 22,726 $SOL($3.86M) at a price peak 3 hours ago.

This smart money always buys $SOL at low prices and sells at highs.

He currently holds 20,000 $SOL($3.33M), with a total profit of over $2.5M!//t.co/e3Pgb1aMQq pic.twitter.com/n3AbKFpf24

�Lookonchain (@lookonchain) October 21, 2024

At press time, this whale still owns about 20,000 SOL or equivalent to $3.33 million. The whale’s total profit is estimated at over $2.5 million.

Meanwhile, another crypto firm has adopted Solana in its platform, a positive development for the SOL coin.

Robinhood Crypto announced yesterday that it has enabled Solana in its platform, allowing users of the platform in the European Union to transfer the said digital currency.

Crypto transfers for $SOL are now available on Robinhood Crypto!

Withdraw & Deposit #SOL, and earn with a 1% deposit rewards bonus on the app (valid until 30 November) .

Terms apply. Get started: //t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/UZFXToTqZJ

�Robinhood Crypto EU (@RobinhoodCrypto) October 21, 2024

The platform joined the list of many firms that support the use of Solana crypto.

To entice its users to transfer their SOL currency, Robinhood Crypto offered its users a 1% deposit bonus on the app.

Solana becomes an addition to Robinhood Crypto product offerings which now include buying and trading over 35 cryptocurrencies in the app. Also, its users can bankroll their Solana crypto within the platform and get a 5.23% annual yield.

Featured image from Pexels, chart from TradingView

Despite the recent fluctuations, bullish sentiment surrounding Solana remains strong among analysts. Many are projecting new all-time highs above its previous record of $259, set in November 2021.

Analysts Eye Potential Bullish Breakout

In the past 24 hours, Solana has rebounded nearly 3%, although trading volume has dipped by about 2%, according to data from CoinGecko. This decline in volume indicates that despite some profit-taking, bullish investors continue to show interest, particularly after the recent retracement. 

Crypto analyst Byzantine General has noted that buying pressure appears to be strengthening at lower support levels, with traders eager to capitalize on dips experienced by the Solana price in the short term.

Looking at the bullish predictions, Captain Faibik recently suggested in a social media post on X (formerly Twitter) that Solana is poised for a “bullish pennant” breakout following a prolonged consolidation period observed on the 3-day SOL/USDT chart. 

Faibik believes that a successful breakout from this pattern could propel Solana to a new all-time high of $400 within the current bullish cycle, expected to last at least through the first quarter of 2025. However, this forecast is somewhat conservative compared to the more audacious prediction from market expert Crow. 

How The Solana Price Could Reach $800

In a separate social media post, Crow indicated that the Solana price could surge by approximately 400% during this bull run, recalling the previous price actions of the 2021 uptrend. 

The expert highlighted that the last bull cycle featured two distinct phases: the rise from $3 to $50 and another jump from $25 to $250. He notes that Solana has progressed from $16 to $200 this time, and he foresees a possible climb from $200 to $800.

Despite the bullish predictions, it is important to recognize that bull cycles do not typically progress in a straight line. Historical data illustrates this point, with Solana experiencing significant retracements of over 20% on August 5 and September 6, respectively.

To navigate these fluctuations effectively, it is essential to analyze SOL’s daily chart and identify key support levels that, if maintained by bullish investors, could help prevent further declines.

In the event of a deeper correction, the first crucial support level to watch is the $160 mark. Additional support levels are identified at $153 and $145.

The most significant support, however, is located in the $127 zone. This level has proven resilient throughout the token’s consolidation phase in past months, effectively halting further price declines and safeguarding the critical $100 mark.

Featured image from DALL-E, chart from TradingView.com

New Staking Rules For VanEck’s Solana ETN

Matthew Sigel, head of digital asset research at VanEck, revealed that the Solana ETN, which trades under the ticker VSOL and currently has $73m in assets under management, will have rewards accrued and reinvested daily under the new staking rules, with the ultimate aim of attracting more investors and new capital. 

On the other hand, VanEck’s press release outlined how the staking process works for the Solana ETN. Importantly, the staking methods are designed to be non-custodial, meaning that the custodian of the ETN’s assets retains full control of the staked SOL, thereby eliminating lending risks typically associated with crypto investments.

In addition, investors in the Solana ETN will not need to take any action to receive staking rewards. These rewards will be accounted for in the coin entitlement of the ETN, ensuring equitable distribution regardless of when the investment was made, minus a 25% staking fee.

The staking rewards will be reflected in the daily end-of-day net asset value (NAV), with a cutoff point at 4 PM CET, allowing investors to benefit from staking without the “complexities�usually involved in managing crypto assets directly.

The firm also instructs its custodian to delegate SOL to a validator node owned and maintained by a staking provider. Importantly, control of the delegated SOL remains with the custodian, ensuring security and stability.

Once the SOL is delegated, the validator node earns various rewards, including inflationary and block rewards, accrued continuously. These rewards will be reinvested into the ETN daily, contributing to its overall performance. 

SOL Price Prediction

The fifth-largest cryptocurrency, has shown significant price action over the past month, gaining approximately 10% and currently trading at $164.50. This recovery follows a significant drop to around $109 on August 5, signaling a strong rebound amidst a generally bullish market sentiment.

Market expert Carl Runefelt recently highlighted Solana’s potential for further gains in a Monday social media post, stating that the token could “go parabolic starting today.” 

Runefelt pointed out a significant technical pattern on the SOL/USDT daily chart, identifying a breakout from a “Cup and Handle” formation. This bullish pattern often signifies a strong upward momentum, with Runefelt projecting a potential price target of $370.

Achieving this target would mean Solana surpassing its all-time high of $259, set in November 2021. This bullish outlook aligns with other analysts’ broader bullish predictions for the cryptocurrency market, particularly Bitcoin, which is also expected to hit new highs in the coming months.

Featured image from DALL-E, chart from TradingView.com 

With the market showing renewed optimism, analysts set bullish price targets for Solana’s next potential moves.

Top analyst and investor Carl Runefelt recently shared valuable insights on Solana’s outlook, boldly predicting that Solana could reach $370 in the coming months. He believes that the altcoin is set for a significant rally once Solana breaks above its current high timeframe bullish pattern. 

Investors are closely watching for confirmation of this bullish trend, anticipating further gains as Solana’s price action gains momentum. Solana’s recent breakout and positive market sentiment suggest a strong performance shortly.

Solana Prepares For A Rally

Solana is on the verge of a move, potentially reaching yearly or even all-time highs. The bullish outlook across the market continues to signal positive gains for SOL in the coming months. 

Crypto analyst Carl Runefelt recently shared a technical analysis on X, stating that Solana could go parabolic starting today. He highlights that SOL is breaking out of a massive Cup & Handle pattern, a classic bullish formation often seen on higher timeframes. Solana could rally toward a potential target of $370 if this pattern plays out.

The Cup & Handle pattern is known for its reliability in signaling strong price movements, particularly when the handle completes and breaks upward. In Solana’s case, this breakout could lead to substantial gains, pushing the price to new highs. As the crypto market continues with momentum, SOL investors are optimistic about the potential price surge in the coming days.

With the bullish sentiment surrounding Solana, the next few weeks could be crucial in determining whether SOL can maintain its trajectory toward new highs. Investors may see significant returns if Solana breaks out and benefits from the market’s bullish sentiment.

SOL Testing Supply 

Solana trades at $166 after successfully breaking above the key $160 resistance level. However, it faced rejection at the $171 supply zone. This level previously acted as minor support in late July and is now a resistance. 

If SOL manages to break above this resistance, the next target would be a higher supply level (around $188), where investors are likely to take profits or reposition.

While the recent price action suggests strength, a healthy retrace to test the previous $160 resistance as support wouldn’t surprise investors. Such a pullback could provide a stronger foundation for SOL’s continued bullish momentum. 

The overall market sentiment remains optimistic, with many cryptocurrencies experiencing upward movement, which could further fuel Solana’s price action.

If SOL holds above $160, it could confirm the next rally, positioning Solana for a surge in the coming weeks. Breaking through the $171 resistance will be critical in determining whether SOL can maintain its bullish trajectory.

Featured image from Dall-E, chart from TradingView

This rise in inflows comes amid the gradual recovery of top crypto assets last week, with the majority now reclaiming major highs and registering nearly double-digit gains over the past 7 days.

Who Led the Charge?

Bitcoin-based products were the standout beneficiaries of last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs) added $2.1 billion, with BlackRock’s IBIT ETF alone generating over $1.1 billion.

The cumulative inflows for these Bitcoin ETFs, which began trading in January, now stand at $21 billion. These funds have grown to manage a record $66 billion in assets under management, highlighting their significant role in the market.

Notably, the renewed confidence in Bitcoin products mirrors earlier this year’s positive sentiment. Last week’s inflows were the largest since March, when US spot Bitcoin ETFs saw $2.6 billion as Bitcoin reached its all-time high above the $73,000 price mark.

This strong demand suggests that investors remain bullish on Bitcoin’s long-term prospects, despite recent market fluctuations. While Bitcoin stole the spotlight, other cryptocurrencies also experienced inflows last week although way lesser than that of BTC.

Ethereum-based products attracted $58 million in net inflows, while Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4 million, $1.7 million, and $700,000, respectively.

However, multi-asset investment products did not fare well, experiencing net outflows of $5.3 million, ending a 17-week streak of consecutive inflows.

What Prompted The Surge In Crypto Inflow?

According to CoinShares, this surge in inflows is tied to growing optimism about the upcoming US elections, with a potential Republican victory driving investor sentiment.

Many believe that a Republican administration would favor the digital asset market more favorably, leading to an increase in investor confidence and positive price momentum. James Butterfill, Head of Research at CoinShares, particularly noted:

We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets.

Notably, Butterfill, reiterated these views, adding that trading volume for these investment products surged by 30% last week. Total assets under management (AUM) for crypto funds are now nearing the $100 billion mark on a global scale, highlighting the substantial interest in digital assets.

However, while US-based funds thrived, investment products in other countries such as Canada, Sweden, and Switzerland experienced net outflows, indicating a more polarized global market.

Featured image created with DALL-E, Chart from TradingView

The crypto community is closely watching these developments, as breaking through this key resistance could lead to substantial gains for the altcoin.

Top analyst and investor Carl Runefelt recently shared a technical analysis that paints an optimistic picture for Solana’s price action in the next few hours. According to Runefelt, the weakening resistance could pave the way for a breakout, with bullish momentum carrying SOL to higher targets. 

While the market remains volatile, confidence in Solana’s ability to overcome current challenges is growing. If the supply level is breached, it could mark the start of a new upward trend, making SOL a focal point for traders looking for opportunities in the current market landscape. 

The next few days will be critical in shaping Solana’s trajectory, as investors will closely monitor whether the price will confirm the anticipated rally.

Solana Bullish Pattern Signals Momentum

The entire crypto market is experiencing heightened volatility, and Solana has not been immune to it, with its price fluctuating between $148 and $160 since Monday. This consolidation phase has left traders eager to see which direction the altcoin will take in the coming days.

Runefelt recently shared a technical analysis on X, highlighting that Solana is breaking out of a 1-hour Falling Wedge pattern, a bullish signal.

The immediate upside target is $159.6, a level that, if broken and sustained, could lead to a massive surge toward $185—a significant move that would position Solana near its yearly highs.

Despite this bullish setup, the market remains cautious, and there is still the risk that Solana could fail to reclaim key levels. If the price struggles to break and hold above the $159.6 resistance, the current consolidation could persist or even lead to a potential pullback, with downside targets near $148. Such a scenario would disappoint bulls looking for a rally and could dampen market sentiment temporarily.

A confirmed breakout and sustained momentum could signal the beginning of a new bullish phase, attracting both retail and institutional investors. 

However, the risk of a failed breakout looms, keeping market participants on edge. Traders are watching closely as Solana’s next move will likely set the tone for its performance over the next few weeks. If it breaks through resistance, SOL could be well on its way to challenging yearly highs.

Technical Levels To Watch

Solana is currently trading at $154 after finding support at the 200-day moving average (MA) at $150.7, a critical level that signals long-term strength if it holds as a demand zone. This MA has historically acted as a key indicator for market trends, and holding above it would reinforce the bullish outlook for SOL.

For bulls to maintain momentum, the price must stay above the 200-day MA and push to break the crucial $160 resistance, a level that has capped Solana’s upward movement since early August. Breaking through this resistance would signal a potential surge in price, opening the door to further gains in the coming weeks.

However, if SOL fails to hold above the 200-day MA and cannot overcome the $160 resistance, it risks a corrective move. A drop below the 1D 200 MA could lead to a decline toward $140, a level that will play a pivotal role in determining the next phase of Solana’s price action. 

Bulls and bears alike are closely watching these key levels, as the next move could set the tone for Solana’s performance in the near term.

Featured image from Dall-E, chart from TradingView