FOR UPDATE…
Solana has shown remarkable resilience during its bullish trajectory, despite minor setbacks within a 24-hour span. Recent on-chain data shows that the altcoin ended the month of October with an impressive 62% gain.
This strong performance has received significant attention Santiment reporting a growing social dominance of Solana. According to their data, almost 2% of all discussions about the top 100 assets now involve SOL. This increasing buzz around the altcoin signals a notable increase in interest and optimism, closely matching its rising price.
Solana: Strong buying momentum, higher time frame signals
To research Solana’s price chartit becomes clear that buying volume is increasing while upward momentum remains steady. On higher timeframe charts, the move past the $27-$30 range provided a clear signal that further gains were on the horizon.
📈 #Solana, which has now returned to seventh place in the market capitalization rankings, has now seen its value rise by 62% in the banner month of October. Strikingly, almost 2% of all discussions about the top 100 assets are related $SOL& would be an increasing volume #bullish. https://t.co/mIZzKHNmbc pic.twitter.com/KdMdULhyq3
— Santiment (@santimentfeed) October 31, 2023
These gains materialized as the current SOL price rose Coin gecko is at $39.00, despite a 24-hour dip of 8.5%. Over the past seven days, the token has risen an impressive 20.6%. Fibonacci extension levels come into play here, indicating that $44.08 and $51.46 are crucial thresholds where bulls may decide to book profits and wait for a retracement.
Investors can view these levels as potential profit points while anticipating a retracement. By strategically monitoring and trading in accordance with these levels, traders can make more informed and profitable decisions in the ever-evolving world of cryptocurrencies.
SOL market cap slightly above $16 billion. Chart: TradingView.com
Despite initial concerns that FTX would liquidate approximately 57 million SOL tokens, Solana’s market capitalization has shown significant growth, reaching an impressive $16.36 billion. This increase in market capitalization serves as a testament to the Solana blockchain’s resilience and attractiveness in the face of potential setbacks.
A key factor contributing to Solana’s remarkable performance lies in the strength of its ecosystem. With a fast, scalable and cheap network, Solana has attracted countless projects and developers. The DeFi and NFT platforms have gained significant traction, further broadening the appeal of the SOL token.
SOL price action in the last week. Source: Coingecko
Challenges and the way forward
While Solana’s recent performance has been impressive, the cryptocurrency market is inherently volatile and subject to sudden shifts. It is essential that investors remain vigilant and informed, especially in light of potential regulatory developments and market dynamics.
Solana’s upside momentum suggests the possibility of reaching $50 soon. The platform’s progress and market support indicate a promising trajectory. If this trend continues, reaching $50 could mark a significant win for Solana, potentially reshaping the crypto landscape.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image by Pria_Berkarisma/Pixabay
