How Low Solana Price Will Fall in October?

Sahil Mahadik
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Pump Fun Sells 43,000 SOL As Solana Price Touches $220

Highlights

  • Upbit has launched a SOL/SGD trading pair, driving increased activity by providing more accessible local pricing for traders in Singapore.
  • The Solana price is 14% away from retesting the multi-month support of the flag pattern.
  • The SOL network's revenue currently hovers around $600K, reflecting significant activity despite a recent price pullback.

Solana price jumped 2% during the Asian trading hours on Friday, currently trading at $139.7. This bullish turnaround reflects the market relief rally as Bitcoin attempts to hold the $60000 floor. Is the pullback sufficient to drive bottom formation, or are sellers ready to counterattack and prolong the October correction?

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How Far Could Solana Price Drop in October? 

The Solana price records a sudden reversal this week, which plunged the asset from $161.78 to $133 low on Thursday— a 17.72% loss. The market correction can be attributed to geopolitical tension between Israel and Iran, which triggered a fresh pullback for most major altcoins.

Currently, the SOL price retests the 200-day EMA as resistance, which could renew the selling pressure in the market relief rally. A potential bearish crossover between the 20 and 50 days accelerates the selling pressure for downtrend continuation.

According to The Block, the new addresses on the SOL network have recently plunged to 3.36 Million addresses. This decrease indicates the slowdown in blockchain activity and user engagement, bolstering the bearish narrative.

Thus, with sustained buying, the Solana price could plunge 14% in October to hit $220 support, a level backed by the lower trendline of the flag pattern.

Solana price
SOL/USDT -1d Chart
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SOL Price Hints Major Reversal Within Flag

The Solana price retest to flag pattern has provided excellent support for buyers in reaccumulating this asset. Historically, each retest to this support has led to an average 60% surge in SOL.

In addition, the broader trend in Solana’s Total Value Locked (TVL) has been on the rise, surging to $5.12 billion, according to DeFiLlama. This surging TVL suggests growing investor confidence and increasing capital inflow into Solana’s DeFi ecosystem, which could further bolster the network’s value.

Moreover, the crypto exchange Upbit recently introduced the SOL/SGD trading pair, providing Singaporean traders with more accessible local pricing for Solana. This move could increase trading volume, enhance Solana’s liquidity, drive further adoption in Singapore, and strengthen global flooring.

Thus, the Solana price prediction hints at a higher potential for a bullish rebound, which could challenge the flag resistance at $180

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Frequently Asked Questions (FAQs)

1. How far could Solana price drop in October?

The Solana price could drop by 14% to retest the $220 support level, aligned with the lower trendline of the flag pattern

2. How has the SOL/SGD trading pair impacted Solana’s liquidity?

Upbit’s launch of the SOL/SGD trading pair has driven increased activity and improved liquidity, making it easier for Singaporean traders to access Solana with local pricing

3. What does Solana's rising TVL suggest about investor confidence?

Solana’s Total Value Locked (TVL) has surged to $5.12 billion, indicating growing investor confidence and an influx of capital into its DeFi ecosystem
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.