Bull Season: Analyst Outlines Breakout That Could Send Solana To $100
01 November 2023 - 6:00PM
NEWSBTC
Solana has performed exceptionally well in the October crypto
market rally. But crypto analyst FieryTrading believes that this
might just be the beginning for the SOL price. According to the
analyst, once Solana breaks the resistance at $38, then it is
headed for another 150% increase. Pushing Solana To Past Glory
Solana already made its way through to $39 over the last day before
losing some of its gains. But this has not eliminated the bullish
trajectory of the altcoin. In fact, SOL’s continued uptrend plays
into FieryTrading’s prediction for the asset which puts it at $100.
Related Reading: Galaxy Digital and Invesco Bitcoin Spot ETF Join
BlackRock On The DTCC As the crypto analyst points out, there is
heavy resistance for Solana just around the $38 level and this has
been proven by the coin’s performance so far. Its initial move
above this level was met with resistance that pushed it back down
toward $37 before resuming its rally once again. FieryTrading
refers to this as an “important area of resistance” at which he
expects investors to begin some profit-taking. But a break above
this level holds a lot of promise for SOL. The analyst expects an
initial bounce above $40, a slight retrace, and then a surge to
$100. Source: Tradingview.com Returning to this $100 level would
mean a return to the 2021 bull market levels, essentially signaling
the start of the bull market for Solana. However, there are still
some obstacles to face as the Bitcoin slowdown is having a near
market-wide effect. FTX Stash Threatens SOL Price By now, it is no
longer a secret that the bankrupt FTX exchange is one of the
largest holders of SOL. And recently, the estate got the green
light from the courts to start selling off some of its crypto
holdings and Solana is a prominent asset in its stash. As NewsBTC
reported, the FTX estate recently unseated a soul of 1.6 million
SOL tokens worth over $42 million. Now, there hasn’t been any
indication of what FTX plans to do with these tokens but the likely
outcome is that the estate will start selling the tokens on the
open market. Related Reading: Top 5 Bitcoin-Like Altcoins That
Could Make You A Millionaire In The Crypto Bull Run If this
happens, then investors should expect significant selling pressure
on the SOL price which could send it back down toward $30. This FTX
stash remains one of the most bearish indicators for the altcoin
that could stop its rally dead in its tracks. Nevertheless, Solana
is still seeing a lot of interest from large institutional
investors. CoinShares reported that Solana inflows from last week
came out to $23.9 million, bringing the total SOL assets under
management (AuM) to $214 million. SOL breaks $38 resistance |
Source: SOLUSD on Tradingview.com Featured image from Shutterstock,
chart from Tradingview.com
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