China’s ban has impacted the crypto space to a large extent and continue to do so. As the major cryptocurrencies are trying very hard to sustain above their respective resistance levels. Bitcoin price is heading strongly towards $44,000, while Ethereum price is making every effort to sustain above $3000. In the meantime, Solana(SOL) price also showcases immense bullish momentum in order to march towards its specified target.
As the major crypto assets are trending sideways, Solana price appears to have to utilize this opportunity. The price despite a couple of sell-offs and FUD’s remained above $110, showcasing huge upward potential. Also, Terra(LUNA) price and Serum price seems to have following Solana to regain lost positions.
The price is consolidating heavily within an ascending triangle, and a breakout appears to be fast approaching. The asset has already been rejected a couple of times at the upper resistance zone in between $146 to $149. And may re-test the same zone in a coming couple of hours. However, this time the price could breach the upper barriers as the technicals are pretty strong.
The RSI since the bull rally remained to trend within a falling wedge and hence tends to surge after hitting bottom. Yet in recent times, since the China crisis, the RSI is trending within an ascending triangle. And moreover, it’s about to break the upper barrier and hence a notable jump could be imminent. On the other hand, MACD also seems to be pretty bullish and hence the October trade could be pretty bullish.
Collectively, Solana price is preparing for yet another massive rally that could propel the price initially. However, the path towards $200 could include multiple pullbacks. Yet once the resistance at $171 is cleared, Solana(SOL) price could march towards its ATH.