Key Levels to Watch as SOL Price Aims to Reclaim $25 Mark

Key Levels to Watch as SOL Price Aims to Reclaim $25 Mark

The SOL price sustainability above the reclaimed $22 barrier paves the way for higher recovery.

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On October 1st, the Solana coin price took a definitive leap past the $22 resistance, hinting at the continuation of its ongoing recovery trajectory. This surge also eclipsed a noteworthy peak from the preceding corrective phase, suggesting a potential shift in market dynamics. But, is SOL poised with sufficient bullish drive to maintain an enduring uptrend?

Also Read: Solana Co-Founder Lashes Out At Ethereum In War of Words

New Found Support Hints 8% jump

  • Rising channel pattern carriers the current recovery trend in SOL
  • A bullish breakout $22 barrier sets the SOL price for another 8% jump
  • The 24-hour trading volume on the Solana coin is $402 Million, indicating a 12% gain.

SOL PriceSource-Tradingview

The cryptocurrency titan, Bitcoin, has been grappling to clear the $28,500 threshold, causing many prominent cryptos to stumble in their recovery efforts. Consequently, the Solana Price retraced from the $24.75 peak, witnessing a decline of 9% this week, bottoming out near $22.58. 

However, this recent trough seems to have acted as a catalyst, stirring buying interest at newfound support at $22 and pushing the SOL price by 3.9%, positioning it at a current value of $23.59. Should this purchasing fervor persist, we might anticipate a further ascent of roughly 8%, targeting the significant resistance zone around $25.3. 

Zooming out for a broader perspective, it’s apparent that this altcoin ongoing revival operates within the confines of a rising channel pattern. This formation has witnessed the SOL price responding robustly to both its upper and lower boundaries, underscoring the pattern’s pronounced influence on market participants. 

Adhering to this structure suggests that the coin’s resurgence might reach up to $36 before confronting the channel’s upper trendline.

SOL vs BTC Performance

SOL vs BTCSource: Coingape| Solana Vs Bitcoin Price

Assessing the price fluctuations over the past half-year reveals that the Solana coin’s valuation has exhibited pronounced volatility, especially when compared to Bitcoin. While the Bitcoin price trajectory appears relatively horizontal, the SOL price movement mirrors this trend but with heightened amplitude in its peaks and troughs. Notably, amidst the broader market’s bullish fervor, Solana coin has outshined Bitcoin, registering significant gains in recent weeks. 

  • Bollinger Band: An uptick in the upper Bollinger Band reflects the buying momentum is still aggressive.
  • Average Directional Index: the rising EDX of around 26% reflects the buyers have enough steam to prolong the ongoing recovery rally

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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