What should investors expect from Solana (SOL) in October 2024?
Solana (SOL) price has struggled to break $160 over the past two months, repeatedly failing to maintain momentum. However, many in the market believe that a âbullish Octoberâ could support the price to move higher.
The expected optimism is expected to push the price of SOL by 20%, potentially pushing it towards the $200 level, a psychologically significant barrier.
Solana has a rally to watch
Solanaâs price is dependent on many factors, but the most important of these are the broader market signals. In an interview with BeInCrypto, Bill Qian, the head of Cypher Capital, discussed how the lack of liquidity is a major issue.
âSolana has been in a consolidation phase between $186 and $120, largely due to insufficient liquidity across the cryptocurrency market as a whole. While the Fed rate cut cycle may provide some additional liquidity in October, this alone may not be enough to break Solana out of its range. The most important catalyst may be the start of the altcoin season, as speculative money and interest from other chains migrates into the Solana ecosystem. If capital and interest from other layer-1 chains is sucked into Solanaâs vibrant DeFi, NFT, and gaming sectors, the potential for a breakout from the consolidation range increases significantly,â Qian told BeInCrypto.
