5 Reasons Why Solana Price Could Hit $180 By October End

by

As a seasoned crypto investor with a knack for spotting trends and a soft spot for meme coins, I find myself quite bullish about Solana (SOL) in October. The historical data and recent market developments paint an optimistic picture for SOL’s potential growth.

For the majority of significant altcoins, the first fortnight of October saw a stable, neutral trend, largely due to geopolitical unrest in the Middle East. During this period of consolidation, Solana stood out by maintaining its price above $135 and aligning with its 200-day Exponential Moving Average, suggesting a potential bullish reversal. Here are five compelling reasons why SOL might continue its recovery during October:

Solana Price Set for October Surge with Historical 14% Return

Based on general trends within the crypto market, Solana’s price usually shows a rising trend in October. As per Cryptorank’s analysis using data from the past four years, Solana (SOL) tends to achieve an average monthly return of around 14% during this month.

If historical patterns repeat, it’s possible that layer-1 cryptocurrencies might trigger a bullish turnaround during the latter part of October.

5 Reasons Why Solana Price Could Hit $180 By October End

SOL Set to Outperform BTC and ETH as Trump’s Return Spurs Innovation

If Donald Trump is re-elected as U.S. President, Standard Chartered Bank anticipates that Solana (SOL) could surpass both Bitcoin (BTC) and Ethereum (ETH), according to their digital assets head, Geoffrey Kendrick. This prediction is based on the belief that a pro-innovation regulatory atmosphere under Trump’s leadership would stimulate the burgeoning crypto market and increase Solana’s allure due to its impressive scalability and swift transaction rates.

According to Kendrick’s prediction, the value of SOL could potentially surge between 100 and 400 times. This is due to the expanding Solana ecosystem and the expected political backing of emerging technologies.

Solana Meme Coins to Fuel Early 2024 Rally

According to past patterns, the crypto market experienced a substantial bounce-back in October. Given its unpredictable characteristics and popularity among speculators, this positive shift might have a considerable influence on the meme cryptocurrency market.

Due to increased attention on Solana’s meme tokens, there is a strong possibility that network usage and earnings will surge, which might resemble the early 2024 rally.

As per statistics from Dune Analytics, it’s been noted that the meme cryptocurrency creator on the Solana platform, Pump.fun, has amassed a total income of approximately $127.8 million. This figure highlights the increasing popularity and economic significance within the Solana network.

Solana Active Addresses Surge 15%: User Engagement on the Rise

According to TheBlock’s data, there was a surprising spike in the number of active Solana addresses, rising from 3 million to approximately 3.47 million. This represents a 15% increase, suggesting an uptick in user activity and interaction within the network.

Generally, the increase in active user accounts is a key indicator of the network’s underlying growth, which in turn boosts organic interest and desire for its built-in digital currency.

Bullish Pennant Pattern Points to SOL Price Surge Toward $180

On a day-to-day graph, the projected Solana price exhibits the development of a bullish pennant structure. Typically, this graph layout mirrors a strong trend with an upward slant (the ‘pole’), followed by two declining trendlines to regain the bullish energy.

As of the deadline, the Solana (SOL) token was trading at approximately $145 and had a total market capitalization of around $68.27 billion. According to chart analysis, it’s expected that the price could rise by roughly 24%, aiming to breach the resistance trendline above at around $180.

As a researcher, I posit that a potential surge or breakout could mark the conclusion of a consolidation phase lasting approximately seven months, leading to an extended upward trend in the market.

5 Reasons Why Solana Price Could Hit $180 By October End

If the falling trendline continues, buyers might sustain a lengthy period of sideways movement.

Read More

2024-10-13 22:50