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- Solana crypto price is nearing a crucial $160 resistance level, a threshold it hasn’t crossed since early August.
- The platform has achieved its highest monthly total value locked since January.
- The network is experiencing a surge in activity, with over 4 million new addresses being created daily, highlighting the increasing demand from new users.
Solana (SOL), a prominent cryptocurrency, is gaining significant attention as it nears a crucial resistance level of $160. Per the Solana price prediction, the digital asset has experienced notable growth. It has climbed 16% since last week and is currently trading above $150.
The overall gains seen in October are nearly 18%. This spike was fueled by its TVL boost and bigger websites applauding its strong DEX trading activity.
This recent price movement has piqued the interest of investors and analysts, too. They are closely observing Solana crypto‘s performance for indications of a potential breakout.
Continue to read on to discover the next possible move and whether it could lead to a more significant rally.
Solana Price Prediction: A Bullish Pattern Found
Solana is currently facing a resistance block that is preventing it from advancing. However, an intriguing bullish pattern’s neckline is on the verge of breaking. This could potentially trigger a significant Solana price surge.
Based on the Solana price prediction, this breakout might lead to new all-time highs driven by bullish momentum. Recent chart analysis has added more optimism. It has indicated that it is forming a bullish pattern known as “inverted head-and-shoulders.”
The cryptocurrency’s recent performance has pushed it above the 200-day, 50-day, and 20-day moving averages. When writing, SOL was priced at $153.14 and appears to be struggling at the pattern’s neckline.
Per Solana’s price prediction, if the SOL price surges and maintains its position, it will close above the $160 resistance level. It could pave the way for a push toward retesting its yearly high of around $210.
This potential move would represent a substantial gain from current levels and could reignite interest in the altcoin.
The broader cryptocurrency market has been showing signs of recovery from recent lows, thanks to the recent BTC push towards $66000. This sentiment may also provide additional support for Solana’s upward momentum.
The investors are seeking opportunities in the rebounding market. SOL’s approach to the key resistance level has positioned it as a focal point for traders and enthusiasts.
What Pushed Solana Crypto This October?
October might finally live up to its reputation as a bullish month for Solana crypto. Solana’s Total Value Locked (TVL) has surpassed $6.1 Billion. It has set a new high for October.
This milestone indicated growing user trust and engagement with the platform. Notably, this is the highest TVL Solana has seen since January 2022.
Additionally, data from DeFiLlama revealed that over 40 million SOLs are locked in Solana’s DeFi applications as of October 15. This is a significant increase compared to the beginning of the year when the amount was around 14 million SOL. It reflects the rising demand for the coin.
“DEX trading activity continued to flourish on Solana, buoyed by the multitude of meme coins. It ended September with a 22% market share and $21.5 billion in volume.”- CoinGecko states
The increase in TVL is partly attributed to the Solana price surge. Furthermore, the data platform highlighted that the market capitalization of Solana-based meme coins has also grown. The ongoing hype around these meme coins has boosted trading demand on Raydium.
Daily New Addresses on Solana Crypto Crosses 4 Million Mark
Data from Dune analytics revealed a significant surge in Solana’s daily active addresses (DAA). The network has seen a rise to 4.5 million active addresses, up from 3 million in early October. This marked a substantial 50% increase.
This growth highlighted the increasing demand from new users and fresh capital inflows into the project. While SOL has not yet reached a new all-time high recently, these trends suggest a potential price rally for the altcoin.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
