As the BTC price remains above $34,000, the market is welcoming a potential opportunity to break through the important $35,000 mark.
In addition, expectations surrounding the SEC's approval of a BTC spot ETF continue to rise, v:imxx778 strengthening the market's sentiment-driven rebound momentum.
This situation triggered a bull run for altcoins, such as Solana, with prices continuing to rise. #SOL
In this market environment, many investors are wondering, “How high could Solana’s price possibly go?”
Potential key factors for SOL's near-term rally may include:
Due to the drama surrounding FTX and the ongoing bankruptcy litigation, many investors are choosing to stay away from Solana.
However, when the vast majority of investors hold belief in it, the likelihood of other altcoins rising significantly increases.
Therefore, given this situation, Solana’s price may continue to rise until investors are convinced that SOL is a trustworthy token due to the FTX incident.
Panic selling of SOL: One of the main reasons many investors are worried about the price drop of Solana is that the FTX legacy institution owns millions of dollars of SOL tokens.
While these SOL tokens may be sold off, this will not happen overnight but only after the FTXS lawsuit is concluded.
SOL Collateralization and Fundamentals: While many feared that FTX Estate would sell off its holdings in the bankrupt exchange, it actually took a very different action.
It chose to stake $122 million worth of SOL and $5 million worth of ETH.
The move strengthens the Solana altcoin’s fundamentals and slows down selling pressure, at least for a while.
Therefore, this development could be one of the reasons for SOL’s continued rise.
SOL to ETH Ratio: Despite Solana’s price performance being worse than ETH following the FTX bankruptcy, the SOL to ETH ratio has risen to 0.06, close to where it was nearly a year ago.
Solana’s strong price performance shows that investors are turning to Solana and losing interest in ETH, which is another clear shift.
As the trend momentum from the bottom breakout increased, Solana’s price trend began to show bullish signs, successfully breaking through the critical level of $30.
In the past seven weeks, SOL price has achieved a 91% growth, soaring from $17.72 to $33.90, successfully breaking through multiple resistance levels.
Currently, the price of SOL reaches 40$ and has broken through the upcoming resistance trend line, which is expected to break through the key level of 50$.
Over the past two days, the consecutive 6.80% uptrend formed a series of green candles, successfully breaking out of the Evening Star pattern.
If the uptrend can sustain above the breakout trendline and maintain momentum, the SOL price is expected to cross $50 and reach $55 by the end of November.
However, if a reversal below the trendline occurs, it will pose an important test of $30 for the price. If the bullish momentum at $30 is lost, the price could drop to $25.
