TLDR

  • Solana (SOL) price climbed above $150, showing bullish momentum

  • SOL historically performs well in October, with an average 14% monthly return

  • Standard Chartered Bank predicts SOL could outperform BTC and ETH if Trump is re-elected

  • Increased meme coin activity on Solana could boost network revenue

  • Technical analysis shows a bullish pennant pattern pointing to a potential surge to $180

Solana (SOL), the native cryptocurrency of the high-performance blockchain network, has reclaimed the $150 price level, sparking optimism among investors about a potential rally.

The digital asset has shown resilience in recent trading sessions, climbing above key resistance levels and maintaining its position above the 100-hourly simple moving average.

According to recent price action, SOL broke through the $140 and $145 resistance zones, reaching a local high of $153.22.

The cryptocurrency is currently consolidating its gains, trading above the $148 mark. Technical indicators, including the hourly MACD and RSI, suggest bullish momentum is building.

Analysts point to several factors that could contribute to SOL’s continued upward trajectory.

Historically, October has been a strong month for Solana, with data from Cryptorank showing an average monthly return of 14% over the past four years. If this trend holds, SOL could see significant gains in the latter half of the month.

Institutional interest in Solana is also growing. Standard Chartered Bank recently released a report predicting that SOL could outperform both Bitcoin (BTC) and Ethereum (ETH) in certain political scenarios.

The bank’s digital assets chief, Geoffrey Kendrick, suggested that a pro-innovation regulatory environment under a potential Trump presidency could boost Solana’s appeal due to its high scalability and fast transaction speeds.

The Solana ecosystem is experiencing increased activity, particularly in the meme coin sector.

Data from Dune Analytics reveals that Pump.fun, a Solana-based meme crypto generator, has recorded cumulative revenue of $127.8 million. This growing popularity could drive network activity and potentially fuel an early 2024-like rally.

On-chain metrics also paint a positive picture for Solana. The number of active addresses on the network has surged by 15%, jumping from 3 million to 3.47 million, according to data from TheBlock.

This increase in user engagement is often considered a bullish signal for cryptocurrency networks.

From a technical analysis perspective, SOL’s price chart shows the formation of a bullish pennant pattern. This setup typically indicates a continuation of the previous uptrend.

The pattern suggests a potential 24% surge to the $180 level if SOL can break above the pattern’s resistance.

However, investors should remain cautious, as the cryptocurrency market is known for its volatility. While the current indicators point to a bullish outlook, SOL could face resistance near the $155 and $158 levels. Support levels to watch include $147.50 and $144.40.

As of the latest data, Solana is trading at approximately $145, with a market capitalization of $68.27 billion. The coming weeks will be crucial in determining whether SOL can maintain its momentum and potentially challenge higher price targets.

The post Solana Price Climbs Past $150 Amid Bullish Signals appeared first on Blockonomi.