Solana Price Prediction: Will $SOL Breakout Lead to ATH $350?
After consolidating above a key support level around $120 since April, Solana (SOL), a leading blockchain network, has signaled an imminent rally to an all-time high (ATH) in the near term. The large-cap altcoin, with a fully diluted value of around $99 billion and an average daily trading volume of around $3.8 billion, has surged more than 6% in the past 24 hours to trade around $170 on Monday, October 21, during the early European trading session.
Notably, Solana’s price action has significantly outperformed Bitcoin (BTC) and Ethereum (ETH) over the past few days. Hence, it can be inferred that many crypto investors are betting on the inevitable rise of the altcoin space. Typically, the market value of a crypto asset will precede an impending cash inflow, as shown by historical data.
Medium-term target for Solana ($SOL)
From a technical analysis (TA) perspective, Solana price has successfully broken out of resistance around $161, after multiple tests since the crypto crash on August 5. As a result, Solana’s daily Relative Strength Index (RSI) has also risen to nearly 70%, signaling a resurgence of bullish sentiment.
Solana price has formed a bullish flag and is currently retesting the established resistance through a logarithmic downtrend. Therefore, set a medium-term target of around $350 for Solana price if the bullish sentiment continues to hold.