Solana’s (SOL) price is bullish on all timeframes, oscillating within an ascending parallel channel that promises more gains for investors. It is up around 10% in the last 24 hours, with CoinMarketCap data showing a 175% increase in trading volume over the last day.
Fundamentals Around Solana Price Action
Solana’s bullish outlook comes from multiple fundamentals, starting with the “Uptober” narrative. Cryptocurrency prices started firing at the onset of the month, with some saying that October has historically been a good month for trading.
Btc / altcoins looking good. As well as October being a notoriously good month for crypto. Bought a decent bag of $doge.#crypto #btc #eth #bitcoin #ethereum #altcoins #alts #cryptocurrency #trading #trader #money #fyp #foryoupage #daytrade pic.twitter.com/vVL6AyCsY7
— Oosk (@TraderOosk) October 2, 2023
Another bullish driver for Solana is the ongoing Sam Bankman-Fried (SBF) trial. In September, a US bankruptcy court in Delaware approved the liquidation of up to $3.6 billion in assets belonging to the FTX exchange. Solana was among the top three altcoin holdings of the bankrupt FTX exchange. This was alongside Ethereum and Aptos. As such, SOL was bound to dump amid increased supply in the market. However, the court demanded that the liquidation process be initiated with blocks of $50 million weekly and escalate to $100 million. This spared the SOL community from an almost certain carnage.
🚨BREAKING: #FTX liquidation plan details a ‘weekly limit’ of $50 million in sales in the first week, potentially expanding to $200 million in the long term.
— Cold (@ColdAlerts) September 14, 2023
Effective Discontinuation of Lido on Solana Initiative
Based on recent reports, Lido on the Solana project will be terminated soon, following thorough deliberation in the DAO forum discussion. The decision also comes after a community vote. Notably, Lido token holders approved the conclusion of the Lido on Solana protocol.
It is also worth noting that Solana has lost almost $100 million in total value locked (TVL) over the last 24 hours. This is on the back of the Lido news. Specifically, it moved from $313 million to $210 million despite positive price action.
For the layperson, a lower TVL points to a reduced availability of funds. This results in lower yields for investors.
Meanwhile, Solana’s price is currently coiling up for a break above the $26.00 psychological level. However, the price may retract to the $20.00 range before a foray north.
Solana Price Prediction
Despite fundamentals giving mixed signals, Solana’s price remains bullish, with the purported Ethereum killer moving within a bullish technical formation, an ascending parallel channel. With bulls still taking the lead, Solana’s price could extrapolate the gains, possibly going as high as the $26.96 resistance level. Currently, the altcoin is confronting resistance due to the channel’s midline at $24.08.
The position of the Relative Strength Index (RSI) shows that SOL may be overbought, which means a correction could be underway. This could send Solana’s price to the $22.00 level or, in a dire case, extend to the $20.00 psychological level.
Investors looking to open long positions should wait for confirmation, first presented by a daily candlestick close above the channel’s midline. Second, they should wait for the RSI to extend higher because a deviation to the south, crossing below the 70 level, would signify SOL is ripe for selling.
If Solana’s price overcomes the resistance due to the midline, corroborated by a higher high from the RSI, the altcoin could extend gains, possibly breaking into the $26.00 psychological level. In a highly bullish case, it could go as far as shattering the $26.96 range high with the potential to reach the $30.00 psychological level. Such a move would constitute a 25% climb above current levels.
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