As a result of both long-term and short-term corrective patterns, the price of Solana (SOL) has probably reached new levels. This rate of increase could accelerate further if the breakout succeeds in reclaiming the $34.40 area in a timely manner.
Are There Any Hopes?
Despite the fact that the price of Solana had reached a high of $48.38 on Aug. 13, it has been falling under a descending resistance line. On Oct. 21, the coin fell as low as $26.84, the lowest price since the market began to decline.
In the last few weeks, most of the coins have been pushed past their October resistance levels because of the recent price explosion.
There are currently a number of coins in the crypto assets world that are experiencing one of the biggest price growths as a result of October’s market conditions. In less than a week from the time this post was written, the price of Solana had increased from $27 to $34 and is currently trading at $31.28.
During the same period of time, Cardano has also made a remarkable recovery. The question is, however, what type of future does this coin have in store for it? Is it likely that Solana will reach $50 in the next few weeks?
The future, as far as I’m concerned, looks great for the Solana coin, as it remains one of the most disruptive crypto projects on the market today.
It is highly probable that Solana will reach $50 this month. It is due to the fact that SOL’s ecosystem is about to undergo massive changes due to the coming developments.
There is a Solana mobile in development right now, and there is a growing gaming ecosystem as well. There is also an exponential expansion of the Solana NFTs and DeFi ecosystems. The combination of these events could trigger a massive buying frenzy in Solana this month, pushing it past $50.
Over the past week, there have been a number of coins that have shown promise. As of the current exchange rate, Bitcoin is currently trading at about $20.4K, having broken the psychological resistance of $19K. There are many people who believe the major cryptocurrencies, as well as Ethereum, will continue their upward trend and that the bear market may be coming to an end soon.
In spite of the fact that many coins have seen green candles appear on their charts, there are still a lot of reasons not to be optimistic at the moment. Although there may be some corrections in the chart in the near future, Solana may be on the right track if it returns to its bull run.