With Bitcoin touching the $64K today, the altcoins are witnessing a massive demand boost. Amid the bull market, Solana releases major development announcements at Token2049, fueling the SOL price rally.
Will Solana’s optimistic release of new products and partnerships result in the SOL price crossing above $200 in October? Find out more about our Solana price analysis below.
In the daily chart, the Solana price action reveals a new bull cycle gaining momentum. Over the last three days, the Sol price has increased by 14.50%, creating three consecutive bullish candles.
As Solana hits the $150 psychological mark, it trades with an intraday gain of 5.47%. The overall bull run in the last two weeks has witnessed a price surge of 20.52%, taking support from the crucial level of $125.
With the rounding reversal, the SOL price approaches the neckline near the $160-$163 supply zone. Hence, the tectonic shift in Solana supports the bullish rally and teases an uptrend continuation.
Technical Indicators:
EMA: The 6.36% jump last night, creating a bullish engulfing candle, surpassed the 200-day and 50-day EMA. Further, the bullish recovery, crossing above the dynamic lines, eliminates the possibility of a death cross in the short term.
RSI: As the recovery rally asserts dominance over the psychological mark of $150.55, the daily RSI line spikes to 61.58, approaching the overbought boundary.
As the bull run in the SOL price forms a triple white soldier pattern, the trend momentum teases boost to the $163 supply zone. Further, based on the Solana quarterly returns, Q3 and Q4 can boost the altcoin price for a breakout rally.
Hence, the rounding bottom breakout will trigger a BUY signal for price action traders for a massive upside. Based on the price action levels, the breakout run in Solana can surpass the 52-week high and aim for the $250 mark. Curious about Solana’s future? Read our Solana (SOL) Price Prediction for an overview of long-term targets!
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