Solana price has seen a significant surge recently, surpassing $170 for the first time since early August, sparking widespread bullish sentiment among investors. As the month of “Uptober” approaches its end, traders are speculating how high SOL can rise in the coming days.
Why is Solana Price Up Today?
The SOL price is trending around $170.17 after hitting a two-month high of $171.76 on Oct. 21. The asset is up 7.1% in the last 24 hours, following the Bitcoin price surge to $69,400.
The Solana price is rising partly due to the Bitcoin price surge over the weekend. On Sunday, Oct. 20, the BTC price jumped above $69,000 for the first time in 2.5 months, which boosted the broader crypto market, pushing them into positive territory.
As a result, the SOL price rebounded to levels not seen since August 1, 2024. Following the short burst of buying pressure, the price of Bitcoin hit a high of $69,519 before quickly retracing as traders rushed to lock in profits.
Will Solana Continue Rising in October?
According to data from Coinglass, traders are actively buying SOL currently since the price change vs. Open Interest (OI) change are both positive. When these two metrics are positive, they signal that traders are going Long on an asset.
Additionally, the funding rate has increased since Friday, Oct. 18. When the funding rate increases and the price rises, it generally indicates strong bullish sentiment among traders. It also suggests that derivative traders are mostly responsible for the sudden rise in SOL prices.
These metrics show that bullish sentiment is currently dominating the Solana market because traders anticipate the asset will rise higher in the coming days.
SOL Price Analysis: How High Can It Go In Uptober?
Solana price formed an inverse head-and-shoulders pattern, indicating a potential trend reversal from bearish to bullish. The break above the neckline around $160 confirms this bullish pattern.
The price is currently trading at $170.58, and the breakout target based on the height of the head to the neckline points to a move towards $190, representing a 16.41% gain from current levels.
Based on historical price action, the SOL price may face resistance around $190 and $230 on its way up. However, a break above the latter resistance could propel the asset to $250, a 46% increase from the current price.
Solana price analysis chart
SOL price prediction shows strong support at the previous neckline around $160. A retest of this level may happen before further upside, providing a potential entry point for buyers. If the price fails to hold above the $160 levels and drops below the neckline, it could signal market weakness, pushing it to lower support levels near $140 and $130.
In the short term, the price will likely move towards the $190-$195 range, which will serve as the first take-profit zone. In the longer timeframe, if SOL breaks through the $190 resistance with strong momentum, the price could extend towards $230 and $250.
The post Here’s How High Solana Price Can Go In Uptober End? appeared first on CoinGape.