As Bitcoin surges past the $67,000 mark, Solana (SOL) remains firm at the key psychological level of $150. With a current market cap of $72.15 billion, SOL is holding a positive trend. But will Solana’s rally above $150 spark an explosive “Uptober”? Here’s our breakdown of SOL’s price performance and future targets.
Solana (SOL) Price Performance
Over the past seven days, SOL has jumped 7.35%, contributing to a 17% rise in the past month. Despite impressive gains, the local resistance trendline remains a barrier to further upside. A recent surge of 16.38% from a weekly low of $135 failed to push the token beyond key resistance, resulting in a minor 1.78% dip yesterday, followed by an additional 0.63% pullback today.
The double-bottom pattern initially provided bullish momentum, but SOL is struggling to stay above $150 as bears defend the overhead trendline.
Daily Active Addresses Reach All-Time High
Adding to the bullish sentiment, Solana’s network activity hit new heights. On October 14, daily active addresses surged to an all-time high of 4.61 million, currently standing at 4.51 million. This rise in activity indicates growing adoption, which could sustain upward price momentum across decentralized finance (DeFi) markets and beyond.
Will Solana Hit $200?
Technical indicators remain in SOL’s favor, with the 50-day EMA maintaining alignment above the 200-day EMA. Additionally, the MACD indicator shows a bullish crossover, signaling continued positive momentum. If the SOL price breaks past the resistance trendline, the next targets are $186 and $201.
However, failure to maintain momentum above $150 could invite a retest of support at $147, with a possible dip to the 200-day EMA at $141.
With strong fundamentals and bullish technical signals, Solana seems well-positioned to capitalize on the current market recovery. If the token breaks above its resistance levels, it could ignite a rally toward the $200 mark, aligning with Uptober’s bullish sentiment across the crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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