Opportunities in Cryptocurrencies
Opportunities in cryptocurrencies are endless, and the ongoing rise in BTC price has made this week attractive for some altcoins. SOL Coin is among the cryptocurrencies experiencing double-digit growth, with the price once again approaching the $27 resistance. Moreover, this time it looks more promising as BTC has turned away from a long period of sideways movement.
Analyst Comments on Solana (SOL)
BTC price surpassed $30,000 again on October 20. Although it did not close above it, the possibility of converting the $28,800 resistance into support is exciting for investors. Due to previous sudden drops, investors remain cautious. However, if the weekly closing comes in this area, risk appetite in altcoins may increase, triggering new highs.
SOL Coin Performance and Institutional Interest
SOL Coin has remained among the cryptocurrencies that have positively distinguished themselves in an uncertain environment. This indicates that the price is suppressed. On the other hand, we have already been drawing attention to institutional demand for the past 2-3 weeks. CoinShares data may have further increased investor expectations.
- Tradermayne predicts a rise to $40, contingent upon the weekly closing level.
- Rager and DaanCrypto emphasize the horizontal resistance area at $38, significant since 2021.
- CryptoGodJohn ambitiously targets $250 and potentially $450 if support continues.
SOL Coin Price Analysis
Examining the daily chart reveals that the price has been trading within an Inverse Head and Shoulders (IH&S) formation since February. This formation typically leads to upward breakouts. Confirmation of the analysts’ estimates will occur if the daily closing price stays above $26. In such a scenario, the target of $38, unvisited since November 2022, becomes attainable. However, a downturn may lead to a return to $18.