Highlights:
- Solana is trading in a range between the $158.54 resistance and $136.44 support
- Solana price could rally to $184 if the $158.54 resistance is broken
- Confluence of positive news around Solana could trigger such a rally
Solana is a little moved today, and at the time of going to press, it was trading at $153.65, up by only 0.84%. Looking at the charts, Solana is trading between the $158.54 resistance and the $136.44 support.
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Technical Analysis – Solana Price Headed for a Breakout
If bulls take control and push Solana through the $158.54 resistance, then a rally to $184.62 could follow. On the flip side, if bears take control and push Solana through the $158.54 support, then a correction to $127.34 could follow.
Of these two scenarios, the odds are higher that bulls could push Solana’s price through the $158.54 resistance in the short term. There are several fundamental factors that support such a rally.
Broader Market Turning Bullish
One of them is the fact that the broader cryptocurrency market is increasingly turning bullish. In the past 24 hours, Bitcoin has been sending bullish signals and is currently trending towards $68k. A Bitcoin rally to $70k could trigger a rally across the market.
For Solana, which already stands out as one of the top L1s in the market today, this rising momentum could see it draw more volumes in the short term. This is already evident in the fact that Solana currently ranks among the L1s with the most active addresses today, outperforming the likes of Ethereum.
Rising Demand for Solana Meme Coins
Solana is also boosted by the fact that it has become a favorite platform for launching meme coins. This is thanks to its fast transaction speeds and low costs. This is a big deal as these meme coins use SOL tokens for transactions, which adds to the underlying demand for SOL.
With Bitcoin sending signs of a potential beginning of the 2024/25 crypto bull market, more developers could rush to launch meme coins on Solana. This could trigger a surge in demand for Solana tokens, which could trigger a rally through resistance.
Positive Social Media Mentions for Solana
Another factor pointing to Solana’s price potential rally is the rising excitement around it on social media. Data from Crypto Dep indicates that Solana is among the top crypto projects in terms of social activity today. It is outperforming many other top altcoins, including XRP, ADA, and even the first rising SUI. This is a big deal because social media is where most hype around cryptocurrencies starts before parabolic price runs come.
The buildup in hype around Solana is also evident in the fact that there are more people bullish on SOL on the CoinMarketCap tracker than there are bears. On the CoinMarketCap tracker in the last 24 hours, 83% of investors are bullish on SOL compared to the meager 17% who are bearish. If Bitcoin rallies to $70k and ignites alt-season, Solana could benefit. Moreover, its rising positive sentiment on social media may drive it to retest its all-time highs soon.
Rumors of an Apple Partnership
Even bigger is the rumor that Apple, one of the largest tech companies, could be about to leap into crypto through Solana. Such a move would be a huge confidence for Solana and could trigger a parabolic price move for Solana in the short term, and a more sustained price rally in the long run.
Buy Solana before Apple announces it? pic.twitter.com/JKd7kK80qu
— Altcoin Daily (@AltcoinDailyio) October 11, 2024
Recap – Solana Price Primed for a Parabolic Rally
Overall, despite the ongoing consolidation, Solana could be poised for a price rally. There is a confluence of bullish factors that all point in that direction. From the rising bullish sentiment around Bitcoin, the growing adoption of Solana for launching meme coins, and rumors of an Apple partnership, the odds favor a rally to new highs. In the short term, Solana may rally to any price within the $180 to $200 range.
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