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?
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.
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
Source: 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.