Solana experienced a resounding upward trend, propelling its value 7% higher over the past week. This bullish momentum has cemented Solana’s position among the top five crypto assets by market capitalization, relegating its notable rival, Dogecoin (DOGE), to sixth place. According to CoinMarketCap data, SOL climbed a remarkable 3.7% in a single trading session, achieving a price of $180.4.
This impressive rally was amplified by a substantial 53% surge in Solana’s daily trading volume, intimating robust investor interest and portending a potential breakout for SOL. As market sentiment grows increasingly optimistic, analysts are watching with great interest to discern whether Solana can sustain its upward trajectory, potentially reaching new highs in the weeks to come. Rising trading activity and swelling valuation point to the growing adoption of this smart contract platform, though volatility remains sizable in the crypto sector. Whether SOL can cement recent gains and surpass naysayers’ doubts about its scaling abilities remains to be seen.
Solana Up by 3% As Uptober Comes to an End
Data shows that in the early morning hours, SOL had reached a new high of $182 K, marking the end of Uptober. The humongous Uptober gains drove SOL market cap $84.71B outperforming PayPal’s and other crypto assets.
Data shows that SOL established a parabolic surge by 3%, demonstrating that investors are optimistic about SOL remaining bullish. Solana’s recent surge has been boosted by a massive trading volume of $2.7 billion in the last 24 hours.
The charts suggest that as Uptober gains strength, SOL has attempted to breach the $180K resistance level in the past seven days. After several attempts, SOL has hovered above $180K in the last 24 hours, a significant development outlined by crypto analyst CryptoBullet.
Analyst Project SOL Big Breakout
In his report, the analyst remained bullish that the SOL/BTC trading pair was approaching a big breakout. The analyst envisaged that if SOL sustains the bullish steam, a potential shift in Solana’s current market is on the horizon.
He recalled earlier that he predicted SOL would enter Wave 4 price action. At this point, SOL will breach its historical triangle pattern to attain new all-time highs. The CyptoBullet project that SOL will attain its November 2021 all-time high of $259 if it remains to trade above $175 and $179.
He anticipates that SOL will flip its current price to its support level. The analyst noted SOL gained strong support at $170, preventing the price from further decline. However, if SOL fails to sustain the uptrend, the analyst indicated that $164 will be the next SOL support level.
The analyst remains optimistic that SOL will enter the profit-taking phase driven by the US upcoming election. While the crypto community remains alert to development in the US election, the analyst expects SOL to reach $200 before year-end.
Will Solana Sustain Bullish Momentum Till Year End?
The analyst recognized that SOL has attracted the interest of institutional clients since it offers fast transaction speed.
Also, SOL ranks among the high-performance networks that provide individuals and businesses with scalable blockchain solutions. While SOL recorded strong growth, the largest crypto by daily trading volume, Bitcoin recorded its October high gains.
Data shows that Bitcoin rose 3.61% to trade at $70,999 in the last 24 hours. The impressive surge renewed the investor’s confidence that Bitcoin bulls were approaching.
While BTC remains on an upward trajectory, Ethereum and BNB rose 3.7% and 2.89% in a day. The report shows that the meme-themed coin Dogecoin (DOGE) remains the largest gainer this week, up by nearly 13% in a day.
Conclusion
This week’s crypto price action demonstrates that the Uptober rally has materialized as October comes to an end. Even though it’s still unclear whether the bullish momentum will last, analysts project that the US election will favour crypto assets.
For more updates on how SOL, Bitcoin, Ether, and others will respond to the US election, follow The Bitjournal on X, Telegram, and LinkedIn.
