Solana (SOL) has shown a strong uptrend since August 5th, breaking through a 217-day descending resistance trendline on October 21st.
Solana price jumps by 10%
The SOL price has increased by 10% in October, raising expectations for a potential breakout and a new all-time high.
The daily Solana chart reveals a downward trend since March 14th, culminating in a low of $109.89 on August 5th. However, the price has rebounded, forming higher lows and reaching the resistance trendline multiple times. Given the weakening resistance from repeated touches, a breakout is likely.
If Solana breaks out of the resistance, the next target is $205, followed by a potential new all-time high. Technical indicators like the RSI and MACD suggest a bullish outlook.
Cryptocurrency analysts and investors on X are generally bullish on Solana's future. Titan of Crypto predicts a target of $1,400 after a breakout from the current bull flag pattern. CryptoKaleo also expresses a bullish sentiment without specifying a target.
Active Solana addresses surged
The number of active Solana addresses has surged in the past two months, indicating increased user activity. The trading volume for Solana has also reached a significant level, surpassing the combined volume of the entire Ethereum Layer-2 ecosystem.
A wave count analysis suggests that Solana is in the fifth and final wave of an upward movement that began in December 2022. A breakout from a symmetrical triangle pattern would confirm the start of this wave.
If Solana breaks out and successfully reaches the target of $273, it would surpass the previous all-time high of $259. An extended wave five could lead to a higher target of $306.
