Solana Price Analysis as SOL Bounces From $131 Support – Can SOL Reach $200 in October?

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Arslan Butt

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Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 5, 2024

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The Solana price is currently $143.48, with a 24-hour trading volume of $928.94 million. Although it has dipped by over 0.50% in the past 24 hours, it remains the 5th largest cryptocurrency, boasting a market cap of $67.23 billion.

With a circulating supply of around 470 million SOL coins, Solana’s recent rebound from its key support level of $133 suggests a potential bullish move ahead.

Solana Price Analysis: Key Support and Resistance Levels

Solana’s recent recovery stems from a strong support zone at $133, which aligns with an ascending trendline observed on the 4-hour chart.

This upward momentum has pushed SOL to test the immediate resistance at $144, aligning with the 38.2% Fibonacci retracement level.

If SOL can break above this crucial resistance, it could pave the way for gains toward the next resistance at $147.45 and, ultimately, the 61.8% Fibonacci level around $150.86.

In the event of a downside move, immediate support can be found at $139.89, followed by $136.62 and $133.04. A break below $133 would likely invalidate the recent bullish trend, leading to further declines.

However, the Relative Strength Index (RSI) is currently just below the 50 mark, suggesting that a break above this level could signal renewed bullish momentum.

Will Solana Reach $200 in October?

For Solana to target the $200 mark, it must first sustain a breakout above the 50-day Exponential Moving Average (EMA) at $144.06.

Doing so could attract additional buying interest, propelling SOL toward the upper resistance levels.

However, a combination of technical strength and broader market sentiment will be crucial in determining whether Solana can achieve this milestone.

With market sentiment currently neutral and SOL’s RSI hovering around 49, a decisive move above 50 could serve as a signal for bullish continuation.

Key Insights:

• Immediate Resistance: $144
• Next Resistance Levels: $147.45, $150.86
• Immediate Support: $139.89

Technical Indicators:

• RSI: 49, indicating neutral momentum.
• 50 EMA: $144.06, aligning with immediate resistance.

Conclusion:

Solana needs to break through the 38.2% Fibonacci level of $144 and see the RSI move above 50 to confirm a continued uptrend.

If successful, this could drive SOL to target the $147.45 and $150.86 levels in the short term, potentially setting the stage for a broader rally toward $200 in October.

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