Solana Price Prediction: $32 SOL By The End Of Uptober?
Solana price has been on a tear for the last few days. SOL crypto has emerged as one of the best performing altcoins this month. At a time when most coins are facing strong headwinds from rising Bitcoin dominance, SOL has shown some great strength.
After a 6.45% surge on Thursday, SOL price continued its ascent on Friday. At price time, the cryptocurrency was up 7% and changed hands at $26.65. This positive price action is fuelled by a surge in the Bitcoin price above $29,200 in a very volatile week for digital assets.
The week started with the news of FTX estate staking $122 million worth of SOL to a validator on Solana network. As per the reports, the bankruptcy trustee staked 5.5 million coins with the validator known as Figment.
The ongoing bullish Solana price action seems to be driven by a lot of positive news. Recently, the popular smart contract platform has enabled confidential token transfers via a v1.16 upgrade. The change will enable confidential transfers of SPL tokens.
SOL crypto is also leading the institutional inflows. A recently released report from CoinShares showed that around $24 million was injected into the smart contract cryptocurrency last week. Therefore, this week’s surge doesn’t come as a surprise as the whales had already accumulated their bags.
Solana Price Technical Analysis
The latest technical analysis also backs the bullish price action in the SOL to USD pair. In my previous articles, I have repeatedly mentioned the supply zone which lies above the $26 level. This region is being tested right now. While there are chances for a pullback from the current level, the momentum is pointing towards another retest of the $30 level.
The surge in Bitcoin price has made Solana price prediction very bullish. If BTC breaks its resistance of $32,000, Solana might also follow with a strong surge toward $32. However, this price forecast will be invalidated in case of a rejection from the $26 level.