The cryptocurrency market is turning green: the upswing is officially here this week.
When the price of bitcoin broke through a key resistance line at $68,000, altcoins finally followed the rise of the major #cryptocurrency . After reaching a high of about $158 at the beginning of the week, the price fell by more than 4% due to a decrease in network activity on October 16-17 and some cooling of the general cryptocurrency market after Bitcoin's growth.
On Friday, the price of #Solana #rose by 5%, partly due to renewed optimism about the Firedancer validator being developed by Jump Crypto.
According to CoinGlass, Solana's trading volume rose by 24.88% on Friday, reaching $4.76 billion. This increase in trading volume indicates growing confidence and interest in #SOL , which could have a positive impact on prices.
The bullish sentiment towards Solana is supported by the current long/short ratio of 0.9685 on a four-hour basis, indicating that traders are largely optimistic about short-term results.
However, SOL's open positions are currently down slightly by 1% to USD2.42 billion, confirming investor confidence.
Despite the recent bearish sentiment, Solana's strong ecosystem and adoption prospects, especially with Jump Crypto's expected launch of Firedancer on the core network in early 2025, underscore its long-term potential.
the key support level for SOL is at $141, and a break below this level could trigger a sharp drop and confirm the double top pattern. However, if SOLAN can maintain its momentum, it could reach the $165 level, where the head-and-shoulders reversal pattern indicates a potential breakout.
If SOLAN breaks the $165 neckline, the price could rise to $185 in the next few days. Despite the recent volatility, traders' sentiment remains bullish.
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