Opportunities in cryptocurrencies are endless, and the ongoing rise in BTC price has made this week attractive for some altcoins. SOL Coin is among the cryptocurrencies experiencing double-digit growth, with the price once again approaching the $27 resistance. Moreover, this time it looks more promising as BTC has turned away from a long period of sideways movement.
Analyst Comments on Solana (SOL)
BTC price surpassed $30,000 again on October 20. Although it did not close above it, the possibility of converting the $28,800 resistance into support is exciting for investors. Due to previous sudden drops, investors remain cautious. However, if the weekly closing comes in this area, risk appetite in altcoins may increase, triggering new highs.
SOL Coin has remained among the cryptocurrencies that have positively distinguished themselves in an uncertain environment. This indicates that the price is suppressed. On the other hand, we have already been drawing attention to institutional demand for the past 2-3 weeks. CoinShares data may have further increased investor expectations.
Price Predictions
Regarding price predictions, Tradermayne believes that the price will rise to $40. However, the level of the weekly closing is important for this.
“Here we go. Now, assuming the candle closes nicely, I will expect a rise towards $40.”
Rager and DaanCrypto emphasize the horizontal resistance area at $38, which corresponds to the highest level of the year. This area has been significant since 2021, supporting and resisting. DaanCrypto said the following:
“I already like the technical structure of SOL Coin. After it rises above $26-27 and holds above it, it can test $38-39. Until then, patience.”
CryptoGodJohn is even more ambitious. According to him, SOL Coin is targeting $250 again, and if the support continues, the rally can extend up to $450. This prediction may seem outrageous as there are massive FTX and Alameda assets unlocking in 2025.
SOL Coin Price Analysis
So, what do the readings on the daily chart tell us? The price has been trading within an IH&S formation since February. The inverse head and shoulders formation usually leads to upward breakouts. If the daily closing starts to stay above $26, the first major confirmation will be achieved.
In this scenario, analysts’ estimate is confirmed because the target is $38. The price has not seen this peak since November 2022. However, if a downturn begins, we may see a return to $18.
