Solana’s price has recently surged, surpassing $170 for the first time since early August, sparking widespread bullish sentiment among investors. As October draws to a close, traders are speculating on how high Solana will rise in the coming days.
Why is Solana Price Up Today?
SOL price is currently trending around $170.17 after hitting a two-month high of $171.76 on Oct. 21. The asset is up 7.1% in the past 24 hours as Bitcoin price surged to $69,400.
Solana’s price gains were driven in part by a surge in Bitcoin prices over the weekend. On Sunday, Oct. 20, BTC prices jumped above $69,000 for the first time in 2.5 months, boosting the broader cryptocurrency market into positive territory.
As a result, SOL prices rebounded to their highest level since August 1, 2024. Following a brief burst of buying pressure, Bitcoin price hit a high of $69,519 before quickly retreating as traders rushed to lock in profits.
Will Solana continue to rise in October?
According to data from Coinglass, traders are currently actively buying SOL as both the price change and the open interest (OI) change are positive. When both indicators are positive, they indicate that traders are long an asset.
Additionally, funding rates have been rising since Friday, October 18th. When funding rates rise and prices increase, it usually indicates strong bullish sentiment among traders. This also suggests that derivatives traders are largely responsible for the sudden increase in SOL prices.
These indicators suggest that bullish sentiment is currently dominating the Solana market as traders expect the asset to rise further in the coming days.
SOL Price Analysis: How High Can It Go in October?
Solana price formed an inverted head and shoulders pattern, which indicates a possible trend reversal from bearish to bullish. A break above the neckline around $160 confirms this bullish pattern.
The current price is $170.58 and based on the height of the head to the neckline, the breakout target is towards $190, which is a 16.41% increase from current levels.
These indicators suggest that bullish sentiment is currently dominating the Solana market as traders expect the asset to rise further in the coming days.
SOL Price Analysis: How High Can It Go in October?
Solana price formed an inverted head and shoulders pattern, which indicates a possible trend reversal from bearish to bullish. A break above the neckline around $160 confirms this bullish pattern.
The current price is $170.58 and based on the height of the head to the neckline, the breakout target is towards $190, which is a 16.41% increase from current levels.
The SOL price prediction shows that the former neckline has strong support around $160. A retest of this level is likely before further gains, providing a potential entry point for buyers. If the price fails to hold the $160 level and breaks below the neckline, it could indicate market weakness, pushing it to lower support levels around $140 and $130.
In the short term, the price could move towards the $190 to $195 range, which would serve as the first profit taking zone. Looking at the longer time frame, if SOL breaks the $190 resistance with strong momentum, the price could extend towards $230 and $250.
