Analysis Knowledge

• Solana had its price increasing by 7% over the past 24 hours, while its trading volume surged 15%.
• The altcoin project has attracted market players because of its recent Hackathon.
• These elements mean that SOL might rise higher. Time to buy?

Solana (SOL/USD appears to lead the public blockchain network with time. It is a decentralized and open-source cryptocurrency project that utilizes the Proof-of-Stake mechanism.

Solana’s Increased Interest Catalyze the Alt’s Growth

MonkeyBall, a Solana-backed game, raised almost $3 million in its funding round on 21 October. Moreover, Solana held IGNITION, its Hackathon, between 18 October and 22 October 2021. This Hackathon had more than 5,875 participants and over $5,120,000 in prizes. Also, it is the highest Hackathon move by Solana, supporting more than 500 projects. Such developments contributed to the increased interest in the Solana blockchain.

Moreover, Solana declared collaborating with Wormhole to announce UST’s introduction to Solana decentralized finance on 20 October. Keep in mind that Wormhole is a cross-chain interoperability ecosystem connecting top blockchain platforms.

On that day, OKEx declared USDT and USDC’s deposit and withdrawal functionality via the Solana platform. That reflects the growth that the Solana network has seen, translating to $SOL value rising.

Should You Purchase $SOL?

Solana (SOL) traded at $207.05 on 22 October.

We may have to analyze SOL’s performance to ATH and September price movements for where the coin will head in the coming sessions. Solana hit its record high on 9 September, exploring price zones at $213.5.

For now, Solana appears near to its ATH. The altcoin needs a 5% ascend or $11.35 increment to rise above its historic highs. Meanwhile, Solana plummeted towards $122.54 on 22 September, hitting its monthly low. From 7 September to 22 September, $SOL declined by 42% or $90. However, the alt surged by 64% or 79.58 from 22 September to 22 October.

For now, SOL appears to have the momentum needed to touch $210 before October ends, thus not late to purchase the coin. However, beware of the crypto volatility. If you want to buy $SOL, you only need secure and easy-to-use platforms. Capital.com and eToro are among the trading offering trusted services to Solana enthusiasts.

As the dominant cryptocurrency, Bitcoin, steadies beyond $60,000, the alternative coin’s market witnesses dull actions. While publishing this article, besides BTC, only Polkadot recorded double-digit surges. Though Solana appeared to climb up the ladder, hinting at possible upsurges, it looked stuck with massive resistance. However, Solana has surprised market players with explosive upticks over the past sessions, and such scenarios might happen again.

SOL to Surge amid NFT Buzz

The SOL platform enjoys a buzz on public networks as Solana NFTs appear to gain the required traction. Also, the SOL narrative received a further boost from the recent announcement by FTX US declared supporting the SOL NFT market.

Solana witnessed surged anticipations as the altcoin gained nearly 10% over the past few days. Meanwhile, sources showed how the Solana ecosystem attracts institutions despite the recent price consolidation. SOL recorded 2nd most institution weekly inflows during October’s second week. It followed Bitcoin while outperforming the DeFi leader, Ethereum.

On the other hand, analysts anticipated that Chainlink’s recent declaration to collaborate with Solana in Q4 would trigger both tokens. However, LINK and SOL failed to record massive gains after the announcement.

Solana (SOL) at Crossroads

Solana’s platform outage on 14 September is among the reason behind SOL’s plummet and consolidation. However, Solana has dealt with such experiences before, suffering a downtime 20202 December.

Though Solana managed to rise after the outage, it encountered a significant resistance around the $164 level. Macroaxis data showed that SOL is almost 2.1 times more unpredictable compared to Wrapped BTC.

As Solana oscillated under the resistance of $164, it indicated breakout signs. That translated to an idyllic market entry-level. The $160 level may serve as an ideal entry-level for traders if the token gains upside momentum to stay beyond the resistance for some days.

Although SOL’s long time frame depicted gains recently, perpetual markets and futures do not reflect massive crowd anticipation as Open Interest stays less or more constant. Nevertheless, futures volumes recorded a nearly 50% rise on 15 October.

For now, SOL’s price appears exhausted as the altcoin’s social sentiment remain low. However, Bitcoins rally amid NTF rumors can mean Solana preparing a rally silently. However, Solana should maintain its price actions beyond the critical $160 level to support upside moves.

Though Ethereum and Bitcoin displayed bullish progress in the past 24 hours, some alternative tokens disassociated their movements. Alts such as ETC, VET, and XRP recorded sideways actions and printed mixed gestures on their respective indicators.

XRP

While writing this article, XRP dropped 1.46% over the past 24 hours to stand near $1.12. XRP maintained consolidation actions inside a constricted range from $1 to $1.2 for some time. The alt has the immediate support at $1 as its resistance can emerge around the $1.2 area. Technical indicators depicted bearish signs.

The Relative Strength Index steadily moves lower, mimicking the altcoin’s price reactions. It stays beyond the midline but far from the 70-level. For that reason, market players can hardly notice trend reversal signs. On the other hand, the Moving Average Convergence Divergence displayed red histograms and might record a bearish cross soon. Also, the Awesome Oscillator highlighted a red gesture, suggesting that the market somewhat favors sellers.

Ethereum Classic

Ethereum Classic (ETC) traded at $54.01 and sustained a 1.63% decrease while writing this content. The alt’s price appears to consolidate around the range at $51 – $54. ETC has an overhead resistance at $59.86 as the support zone hovers around $49.69technical indicators suggested selling momentum dominating the market.

The RSI stayed around the 50-level, showing higher chances of dropping to the oversold region, hinting at sellers’ presence. Also, the MACD retained bearish gestures with red sign bars, suggesting that sellers might claim their place in the coming sessions. Moreover, the Awesome Oscillator depicted red lines, confirming a possible downswing.

VeChain

VET experienced a 4.78% plunge in the last 24 hours. However, the alt trades at a 2.3% high in the past week. While publishing these updates, it traded at $0.115. It has its immediate resistance at $0.123 as its support is around the $0.100 mark. Technical indicators did not highlight clear directional bias.

The RSI maintained beyond the mid-line and indicated bulls’ control. However, the Awesome Oscillator and the MACD appear to favor selling activities. The latter seemed close to a bearish cross while the former targeted a drop under the mid-line.