 
 
Major cryptocurrency Solana (SOL) is striking a bullish tone once again as the altcoin market heats up after posting some gains in the last 48 hours, with SOL rising above $230 in the process. The 6th-largest cryptocurrency by market capitalization was under pressure from downward forces during the second half of last month, when it tested the $200 price level.
Now, as the right conditions present themselves, SOL bulls are likely to be back in action after a short lapse. The programmable blockchain remains the platform of choice for many upcoming blockchain-based startups, and its popularity is expected to increase as the bull run continues.
Solana Headed For $300+
According to popular crypto analyst Ali on X, Solana is looking strongly positioned to make a confident move above $300. He tweeted:
“With the bullish retest complete, Solana $SOL could now be ready for $320–$360”
The bullish retest in question refers to Ali’s prediction from mid-September, in which he correctly predicted that SOL would retest the $210 support level before embarking on the next bull phase.
 
Here is SOL’s price action during the last week:
The SOL/USDT price action of the previous 7 days shows that bulls are quickly setting the stage for an explosive October. There are numerous factors indicating that SOL is undervalued at the moment, given its extensive use by crypto developers. While some critics claim that the network is primarily used for notorious short-term pump-and-dump meme coins, it is also possible for startups of all backgrounds, many of which are in the crypto business for the long term.
According to one user who replied to Ali’s tweet:
“Fits perfectly with the bigger trend: ETF approvals are bringing real institutional money into crypto, and Solana’s now front and center. If SOL gets the green light, it could shift how fast altcoins go mainstream. Anyone else see this as a test case for the next wave?”
The Future
The importance of Solana in the altcoin market has never been more pronounced than it is right now. Historically, the secondary crypto market has responded to Ethereum’s price trend, magnifying it considerably.
However, this time around, a bulk of the activity has established a correlation with SOL instead, with the smaller crypto taking the lead and becoming a new market maker. Therefore, if SOL rises, we can expect significant price action in altcoins, which may later spill over to smaller market cap coins as well.