Solana Surprises with 10% Jump, Next SOL Price Target $30

Bhushan Akolkar
October 20, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
5 Reasons Why Solana (SOL) Price Skyrocketing Daily

Ethereum Layer-1 competitor Solana continues to make strong moves registering yet another 10% price surge and moving past the crucial resistance of $25. At press time, Solana is trading at $25.96 eyeing another 20% rally to $30.

Solana Price Rally to Continue

As per the technical indicators, the Solana price rally is likely to continue going ahead.

Based on the assessment of the Relative Strength Index (RSI), Solana’s price appears to have further upward potential. The RSI positioned above 50 signifies a strong bullish sentiment and its inclination towards higher values indicates increasing momentum. With an RSI of 63, there is room for further gains before reaching the 70 level, which typically signals an “overbought” condition.

This analysis is corroborated by the positive territory of the Awesome Oscillator (AO) indicator, confirming the dominance of bulls and lending support to the bullish outlook.

If buying pressure continues to mount above current levels, there is a potential for Solana’s price to rise by 20%, surpassing the previous highs at $24.86, and possibly extending the uptrend to reach the psychological level of $30.00. In an extremely bullish scenario, SOL could revisit the high from July 12, around the $32.00 range, representing a remarkable 30% increase from its current levels.

SOL Joins Altcoin Rally

The altcoin space is quite buzzing with activity with Solana investors making a major contribution to it. Also, the recent rally comes as the US SEC decided to drop all charges against Ripple executives on Thursday.

“Today, we find legal vindication and personal redemption in our fight against an ill-conceived effort to manipulate regulations for the purpose of stifling the cryptocurrency industry in the United States. It’s regrettable that we had to protect ourselves from this misguided assault, which was flawed from the very outset,” stated Chris Larsen, the Executive Chairman of Ripple.

The Ripple vs SEC case provides greater hope to the rest of the crypto projects in the market. Ripple said that it would continue to push the SEC toward providing more regulatory clarity on crypto rules.

Advertisement
coingape google news coingape google news
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
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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.