Market
What Should Investors Expect From Solana (SOL) in October?
Solana’s (SOL) price has struggled to break above $160 over the past two months, repeatedly failing to sustain momentum. However, many in the market believe that “Uptober” could bring a reversal.
The expected bullishness could drive SOL up by 20%, potentially pushing it closer to the $200 mark, a significant psychological barrier.
Solana Has a Rally to Look Forward To
Solana’s price is dependent on a ton of factors, but the biggest of them are the broader market cues. In an interview with BeInCrypto, Bill Qian, Chairman of Cypher Capital, discussed how the lack of liquidity is a major concern.
“Solana has been stuck in a consolidation phase between $186 and $120, largely due to insufficient liquidity in the broader whole cryptocurrency market. While the Fed’s rate-cutting cycle may provide some additional liquidity in October, this alone may not be enough to break Solana out of its range. A more significant catalyst would be the onset of an altcoin season, where speculative funds and attention shift from other chains to the Solana ecosystem. If capital and attention from other Layer 1 chains are absorbed into Solana’s vibrant DeFi, NFT, and gaming sectors, the possibility of breaking out of its consolidation range increases significantly,” Qian told BeInCrypto.
Matt Mena, Crypto Research Strategist at 21.co, in an interview with BeInCrypto, expanded further on the potential of a rally arising from the development of the Solana chain as well as macro-financial market cues.
“Solana was on track to retest the $200 level before the Japanese Yen Unwind Trade and other adverse macro catalysts disrupted the market. However, with the Federal Reserve expected to continue cutting interest rates, including two more reductions projected before year-end, a renewed risk-on sentiment could bring liquidity into the market, creating a more favorable environment for risk assets like Solana.
Furthermore, the recent launch of the Frankendancer client on mainnet and the anticipated 2025 launch of Firedancer, which has achieved over 1,000,000 tps on testnet, represent significant technical advancements that reinforce Solana’s standing as a leading high-performance Layer 1 blockchain. Firedancer is expected to boost Solana’s throughput and enhance the network’s validator client diversity, significantly improving its resilience against attacks and bugs. These upgrades could reignite investor interest and position Solana as a strong contender for a breakout, making a retest of the $200 level increasingly likely,” Mena told BeInCrypto.
Furthermore, the macro momentum for Solana is showing positive signs. The Moving Average Convergence Divergence (MACD) indicator suggests that bullish momentum has been building since late September. This momentum is expected to last for 42 days, giving SOL enough room to rise significantly in October.
Historically, when this kind of bullish momentum takes hold, Solana experiences sustained upward movements. If this trend follows previous patterns, SOL could rise to $186 by the end of October, providing a strong recovery opportunity for investors.
Read more: Solana vs. Ethereum: An Ultimate Comparison
SOL Price Prediction: For the Better or for the Worse?
Currently, Solana is trading at $155 and is testing this level as a support. The key barrier remains $160, a resistance that has held strong for the past two months. If Solana manages to close above $160, it will be a significant achievement, indicating a potential bullish breakout.
Solana could rally toward $186 if this breakout occurs, a level last tested in August. Breaching this resistance could trigger a rise to $200, a critical milestone for SOL. This would represent a 20% increase, aligning with the overall optimistic sentiment surrounding the token in October.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
However, failure to break the $160 resistance could lead to a massive pullback. In such a scenario, Solana might drop to $138, retesting this lower support level and invalidating the bullish outlook for the token.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
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Market
Exploring Hottest New Coins: FINE, CHILLGUY, and CHILLFAM
New coins such as FINE, launched three days ago, have seen their market cap reach $2.5 million. CHILLGUY, driven by TikTok hype, has amassed 120,000 holders and achieved $129 million in daily trading volume.
CHILLFAM, following in CHILLGUY’s footsteps, has quickly reached a $10 million market cap with a 300% price surge, showing the potential for continued interest in these emerging tokens.
This Is Fine (FINE)
FINE, launched on Pumpfun just three days ago and now graduated into Raydium, is attempting to capitalize on the growing trend of coins paired with animated video.
As of this writing, the coin boasts over 26,000 holders and a market cap of $2.5 million. However, it has experienced a steep decline, dropping more than 50%. If FINE can stabilize after this sharp drop, it may present an attractive entry point for traders eyeing a potential recovery.
FINE’s RSI is 35, indicating that it is approaching the oversold zone. This suggests that selling pressure may be reaching an extreme, potentially setting the stage for a reversal or bounce if buying interest returns. However, the current bearish momentum highlights the need for caution before expecting a recovery.
Just a chill guy (CHILLGUY)
CHILLGUY, a Solana-based meme coin that gained popularity through TikTok, has quickly risen to prominence in less than a week. The coin’s rapid adoption is evident in its impressive metrics, boasting over 120,000 holders and amassing 112,000 transactions per day.
The coin’s daily trading volume has surpassed $129 million, showcasing substantial market activity and strong interest from traders. This level of engagement highlights CHILLGUY’s potential to sustain its momentum if the hype continues to drive liquidity and participation.
CHILLGUY’s RSI sits at 52.3, indicating a neutral zone where neither buyers nor sellers have a dominant edge. This balanced sentiment suggests the market is stabilizing after initial volatility, leaving room for the token to move in either direction depending on future market activity and demand.
Chill Family (CHILLFAM)
CHILLFAM, inspired by the success of CHILLGUY, was launched just two days ago. With nearly 58,000 holders and a daily trading volume of $55 million, the token is gaining traction among meme coins enthusiasts on Solana.
Currently boasting a $10 million market cap, CHILLFAM has surged almost 300% in 24 hours, highlighting strong early interest. If it can maintain this momentum and sustain its $10 million market cap, the coin could potentially aim for $15 million or even $20 million.
CHILLFAM’s RSI is at 43, suggesting that the token is in a slightly bearish to neutral zone. This level indicates that the recent rally may be cooling off, providing a period of consolidation. If buying interest returns, it could reignite bullish momentum and push CHILLFAM toward higher valuations.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP To Hit $40 In 3 Months But On This Condition – Analyst
XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.
Can XRP Repeat 2017 Historical Price Movement?
In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings.
Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future.
Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.
According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRP’s Dream Surge
While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price.
Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.
At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
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