Solana (SOL) Price Analysis: Will the Weekend Breakout Trigger a 4-Digit Rally?
- Susan SarandonOriginal
- 2024-10-22 00:44:12500browse
Solana price triggered a huge move during the weekend, which cleared the pivotal resistance that it was stuck for over a couple of months
Solana (SOL) price triggered the next leg of the uptrend with a massive breakout from a pivotal resistance on Sunday. The token is now eyeing a 4-digit figure as the next target amid the upcoming bull run. However, the question remains whether SOL can reach $1000 in the upcoming bull run.
Solana Trading Volume
Trading volume showcases the number of Solana transactions. A rise in trading volume suggests an increase in trading activity. This usually makes the token more volatile, indicating that more traders are attracted to the chain.
According to the latest update, the trading volume has been rising since the first week of the month, indicating a massive increase in user interest.
Solana (SOL) Price Analysis
The above catalysts are expected to propel the SOL price rally, which could form a new ATH above $275 with minimal hindrance. However, the question arises whether the price will reach $1000 in the upcoming bull run. If so, when will the price reach its peak?
The above chart showcases the price being stuck within a descending parallel channel, but the token is attempting a breakout as it heads towards the resistance. The volume is displaying average participation by bulls and bears that could maintain the volatility. The RSI is displaying a similar recovery curve that it followed in the past few years but with a lowered intensity.
Hence, the Solana price, which is stuck between 0.5 FIB & 0.786 FIB, is expected to maintain a consolidated ascending trend and reach the resistance around $180 in the next few weeks. Once the price rises above the descending consolidation and secures levels above 0.786 FIB, the next target could be to rise above the rising trend line, which is close to the current ATH at $260.
This move is expected to trigger a fine upswing that could transform into a bull run further with the potential target of $336 initially and later at $427. The Solana (SOL) price is expected to rise and reach $500, setting new highs, but reaching a four-digit figure appears to be a difficult task, which could be made easier if the bull run intensifies in 2025.
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