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.