Solana (SOL) has been a star performer in the last quarter of 2023, defying expectations of a price drop. Despite initial doubts in the early days of “Uptober,” SOL has impressively broken through various price barriers and is now about to hit $40.
This is a Story of Strength!
The cryptocurrency market is no stranger to wild swings, and Solana (SOL) exemplifies this market’s dynamism. In just two consecutive bullish months, September and October, Solana convincingly conquered multiple resistance levels at $25, $28, $30, and most recently at $35.
SOL managed an impressive 88% surge from September 1 to October 31, with a notable 56% of these gains occurring in the last 30 days, pushing its price to a noteworthy $39.
Adding to the positive sentiment is a bullish cross, a technical indicator that’s boosting investor confidence that SOL is not only heading for $40 but also setting its sights on $50 in the short term.
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Solana (SOL) Is Leading the Market
Reasserting itself as the seventh-largest cryptocurrency by market capitalization, SOL saw a remarkable 62% surge in value during October.
The increasing prominence of SOL is clear from the fact that nearly 2% of discussions about the top 100 cryptocurrencies revolve around SOL. This indicates the growing interest and trust in the Solana platform within the crypto community.
What You Should Be Watching
While the future looks promising for SOL, an essential factor to monitor for potential reversals or continued upward momentum is trading volume. A significant increase in trading volume, especially on the bullish side, would signal strength and a possible continuation of its upward journey.
Despite concerns about FTX liquidating approximately 57 million SOL tokens, SOL’s market capitalization has seen significant growth, reaching an impressive $16.54 billion. These tokens are expected to unlock gradually, with an average unlocking date in Q4 2025.
Unity and Cohesiveness
In a recent development, Anatoly Yakovenko, the co-founder of Solana, expressed his deep appreciation for Ethereum’s visionary founder, Vitalik Buterin, on a prominent platform. This gesture follows a significant event in SOL’s history that has had a lasting impact on the crypto world.
Yakovenko’s message goes beyond the rivalry between the Ethereum and Solana communities, emphasizing that, despite their differences, they share a common goal – advancing the blockchain industry.
All Eyes Ahead
He believes that disagreements should revolve around technological progress and vision, contributing to the overall improvement of the crypto space.
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Source: https://coinpedia.org/news/solana-sol-bullish-surge-is-40-just-the-beginning/