Analyst Says Solana On Verge Of Breakout

Crypto experts believe that Solana may be approaching a breakout moment, although the market is currently somewhat uncertain. In a tweet on October 15, 2024, renowned crypto analyst Slurp said SOL may change the trend, but it needs to rise by 10% first. He noted that this could be the start of major growth for Solana in the coming months.

Adding to the dynamics of the $SOL market, FTX has cashed out 178,631 SOL tokens worth approximately $28 million on the same day. These tokens are expected to hit major exchanges like #Binance and Coinbase soon, a move that FTX $FTT and Alameda Research have been making over the past few months.

Overall, the project still has 7.09 million SOL, worth more than $1.1 billion. This raises concerns about further selling affecting the price of SOL.

Despite heavy selling pressure, Solana price saw a steady recovery over the past week. The price of this DeFi coin rose from $138.75 to $155.49 between October 11 to October 17, marking a 12% price increase. However, SOL is facing resistance at the $160 price level. Market analysts estimate that if the selling continues, the price of SOL could fall back to $134!

#TipsTradingFutures #marketdownturn #CryptoExplorerFiesta

We all know that Solana surpassed the resisstance $160 level.

Now around $170.91 level, increase +6.62% in 24H

It is time to party 🥂💃🕺