Solana Price Forecast Can SOL Price Surge Trigger a 350 AllTime High

Solana (SOL), a top-tier blockchain network, has shown strong signs of a forthcoming rally to reach a new all-time high (ATH) after consolidating above the crucial support level of approximately $120 since April. In the early European session on Monday, October 21, the large-cap altcoin experienced a 6 percent surge in price, reaching around $170. This surge has outpaced the price action of both Bitcoin (BTC) and Ethereum (ETH) in recent days, indicating increased investor confidence in the altcoin space.

Technical analysis reveals that Solana’s price has successfully broken out of a resistance level of $161, following multiple failed attempts since the crypto crash on August 5. Additionally, the daily Relative Strength Index (RSI) for Solana has risen to 70 percent, suggesting a resurgence of bullish sentiment. In the two-day timeframe, Solana’s price has formed a bullish pennant and is currently retesting the established resistance level through a falling logarithmic trend. Analysts at ZAYK Charts have set a midterm target of approximately $350 for Solana’s price if the bullish sentiment continues.

Investing in Solana is a wise choice due to its vibrant web3 ecosystem, which has seen significant growth. The total value locked (TVL) on the Solana network has exceeded $6.4 billion, and the market cap of stablecoins on Solana has reached over $3.5 billion. The meme coin space on Solana has also contributed to the network’s on-chain activities, with a market cap of more than $11.5 billion and a daily average traded volume of about $2.6 billion.

Overall, Solana’s strong performance and promising technical indicators make it an attractive investment option in the altcoin market.

Tags: Altcoins, Price Analysis