SOL Price Analysis: Buyers Kick Back, Solana Eyes $30?

Starting the Asian markets on a bullish note, the SOL price jumps sharply overnight. With 2.58%, Solana prices overcome the bearish clouds set by the 3.27% on Thursday. Further, the buyers assert dominance over the 50-day EMA and propel the bounceback.

With the buyers back in play, the possibility of a high-spirited Uptober rally increases and improves the overall sentiment. Further, the ongoing uptrend supports the Solana price prediction, anticipating a bullish journey above $30 in the upcoming altseason. 

As the SOL price jumps from the 50-day EMA, the $22 mark and the resistance zone prove crucial once again. The price jump comes as a retest and keeps the guillotine of post-retest reversal intact. 

Currently, the Solana prices trade at $22.05 with an intraday growth of 0.92%, teasing a potential uptrend in the coming days. Further, the channel breakout in the daily chart remains prominent and hints at an uptrend to $30. 

However, the possibility of an uptrend facing opposition at $25 is notable and teases a potential double top reversal in SOL price if the market faces another hiccup. 

Technical Indicators:

EMA: The proximity of the 50-day and 200-day EMA signal increases the possibility of a golden crossover. 

RSI indicator: The RSI indicator reverses sharply from the overbought zone to fall below the 14-day SMA. However, the RSI line remains above the halfway line, indicating that there is still bullish momentum left in the uptrend.

Will the SOL Price Reach $30?

If the SOL price remains above the 200-day EMA, the likelihood of an uptrend continuing to the $28 level is significantly higher. Furthermore, the uptrend could result in a golden cross and start a bullish chain reaction to reclaim further resistance levels.

However, if the downtrend continues below the key EMAs, it could jeopardize the bullish dominance at the psychological level of $20. In such a case, the Solana price might retest at $19.45