Solana price has struggled to break new highs, always fighting resistance levels to return to regular support levels, just like in the past year. In March 2024, the price peaked at over $200, like $209, then $202, before dropping to $169 and the same in May, reaching $187, and then in July hovering around $194, before always returning to lows around $130, with a major drop in early August to $111. From these price movements, can SOL price break $180 this October, letâs first find out what is driving the recent surge to get a more accurate Solana price prediction.
Solana Price Surges: Whatâs Driving the Recent Surge?
Solana (SOL) is experiencing a significant price increase, currently trading at $169.46, up 6.57% over the past 24 hours. This follows a steady uptrend, with SOL gaining 14.63% over the past 7 days and 15.39% over the past month. The cryptocurrencyâs market cap is $79.45 billion, while its 24-hour trading volume has spiked 86.44% to $3.23 billion.
There are several factors contributing to this price surge:
Historical Uptrend: Solana has a history of good performance in October, reachingaverage increase of 14%this month in the past four years. Analysts predict that SOL could continue this trend, potentially reaching$180 markbefore the end of the month.
ÂOn-chain activity spikesSolana Active Addresses Have Increased15%Recently, there has been an increase in user engagement. This surge in network activity is driving demand for the SOL token, supporting the price rally.
ÂBullish flag pattern: Technical analysis shows the formation of a bullish pennant pattern on Solana's daily chart. If this pattern holds, SOL could break the current resistance and challenge the target$180in the coming weeks.
ÂBroader Market Impact: Bitcoin's strong performance, which recently retested the $69,000 mark, has also boosted altcoins like Solana. Favorable market conditions, including optimism following the Token2049 event, have boosted investor confidence in Solana.
Solana Price Prediction: Can SOL Hit $180?
The combination of historical performance, increased on-chain activity, and a bullish technical setup suggests that Solana is well-positioned to reach $180 by the end of October. However, investors should keep an eye on resistance around $170-$180, as any failure to break above it could result in a temporary pullback. A drop to $160 or even $127 is still possible if bearish forces take control.
Despite these potential challenges, the overall sentiment around Solana remains positive. If the bullish momentum continues, we could see SOL approach the next resistance level of $180, with the potential for further gains into early 2025, especially if the broader crypto market continues to perform well.
