Solana Price Prediction for Today, October 15 – SOL Technical Analysis

adminOctober 16, 2024

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Solana price prediction shows that SOL could renew its bullish trend after testing the $150.35 support level today.

Solana Forecast Statistics Data:

Current Solana price – $154.63
Solana market cap – $72.18 billion
Solana Circulation Volume – 469.75 million
Solana total supply – 586.57 million
Solana CoinMarketCap Ranking – 5th

The initial investment in Solana (SOL) has proven to be incredibly rewarding, with the price soaring 30,634.55% from its all-time low of $0.5052 in May 2020. Although it is currently down 40.3% from its all-time high of $260.06 in November 2021, the token’s recent 24-hour performance ranging from $150.91 to $158.72 still shows significant growth potential. This highlights the benefits of getting involved early in a cryptocurrency project.

SOL/USD market

Main level:

Resistance levels: $180, $190, $200

Support levels: $130, $120, $110

Solana Price Prediction for Today, October 15 - SOL Technical Analysis — SOLUSD – daily chart

According to the daily chart, Solana (SOL) shows a promising technical structure that sets the stage for potential future price movements. The price recently formed a double bottom pattern, a classic bullish reversal indicator, suggesting that the market is ready to seize the upside. A large-scale strike broke out two days ago and continued until the weekend. Solana then hit a daily high of $161, an area with historically high volume, approaching the critical resistance zone between $157 and $159. However, successfully clearing this resistance line could open the door to the next uptrend.

Solana Price Prediction: What’s next for Solana price?

Looking at the daily chart, we can see that Solana has been consolidating between $122 and $164 for a long period of time. Some may see this as a sign of indecision, but when assets consolidate after an uptrend, it is often a bullish sign. These sideways price movements allow the market to digest previous gains and build momentum for a potential breakout. Historically, a break above the $164-$166 resistance area can lead to a sharp rally, while a previous breakout could push the price towards resistance levels of $180, $190, and $200 respectively. If this resistance is removed again, a similar movement may occur.

Meanwhile, traders can see that although the daily move remains in the hands of the bears, the 9-day moving average is likely to rise above the 21-day moving average, suggesting a possible breakout of the channel. Therefore, a breakout on the positive side will most likely push the coin above the upper boundary of the channel, while a decline towards the lower boundary of the channel could get it support at $130, $120, and $110 respectively.

SOL/BTC Could Breakout Northward

When comparing Solana to Bitcoin (SOL/BTC) on the daily chart, early signs of a bullish divergence are starting to appear. Although Solana has not yet significantly outperformed Bitcoin, its price action suggests that Solana may begin to outperform Bitcoin. The daily chart indicates that Solana’s performance against Bitcoin is stabilizing and further momentum could lead to a breakout of the SOL/BTC pair.

Meanwhile, if sellers make a significant return to the market, Solana price could fall to support below 2110 SAT. Now the 9-day moving average, which is a technical indicator, could indicate that the market could make the next positive move upwards and the resistance level could be positioned above 2550.

However, @0xShinichi shared with his followers on Meanwhile, meme coins are experiencing significant surges. He encouraged his followers to imagine the potential when $SOL finally breaks out of its current range.

$SOL Although similar to Bitcoin has lasted for almost 6 months, meme coins are pumping like crazy.
Imagine… Imagine when you go outside of this range 🧐 pic.twitter.com/R6ggzgjfZS
— Shinichi (@0xShinichi) October 15, 2024

Alternatives to Solana

In the short term, the likelihood of an immediate breakout for Solana (SOL) remains uncertain. The daily chart reflects a slight increase in volume, but current momentum is not yet strong enough to confidently break the $164-$166 resistance line. Solana may continue to consolidate for a bit longer before a significant breakthrough occurs. Nonetheless, the cryptocurrency market is going strong, with strong momentum across a variety of assets. Meme coins in particular are gaining attention, with Pepe Unchained emerging as a potential standout in this space. The token has already raised over $19.7 million in pre-sale activities, indicating strong interest from investors.

Pepe Unchained could be on the rise

Investor interest in Pepe Unchained has been boosted by large transactions, including a notable $61,000 purchase from a whale investor. Daily net inflows of approximately $250,000 indicate strong demand for the token. Whale accumulation is often considered a bullish indicator. This is because it implies the trust of large players within the market and adds credibility to the token’s future profit potential.

Visit Pepe Unchained