SOL is currently riding the bullish wave in the world of cryptocurrencies, benefiting from the ongoing rally in the market. The recent breakthrough of the psychological resistance level at $20 has made a $40 price point seem much more attainable.
Given its current trajectory and the exciting developments within the Solana community, many investors are eagerly anticipating the possibility of SOL reaching $40 shortly. To shed light on SOL’s potential price movement, let’s take a closer look at the technical indicators presented in the following chart.
SOL Testing the $36.69 Resistance: Can Bulls Propel It to $40?
On the daily chart, SOL is clearly in an uptrend, marked by forming a third consecutive green candle, showcasing the ongoing accumulation of buyers. A significant milestone was reached when SOL successfully transformed the $33.05 resistance into a support level on October 30. As of today, October 31, it is testing the $36.69 support.
The Relative Strength Index (RSI) indicator currently registers at 77.78, placing it well within the overbought region, which starts at 70. The RSI exhibits no signs of a decline, indicating that more buyers are entering long positions on SOL.
In addition, the Moving Average Convergence/Divergence (MACD) indicator sits comfortably above its signal line, issuing a strong buy signal. This bullish signal is reinforced by the appearance of green Histogram bars on October 30 and today.
As a result, SOL will probably surge towards the $40 resistance level in the coming days, provided that buyers can push it above the $36.69 resistance.
However, in the event of a rejection at $36.69 and a retracement of the RSI from its overbought level, buyers must implement a trailing stop loss to mitigate potential significant losses.
Nonetheless, SOL is well-positioned to reach $40, bolstered by its solid support level at $33.05. Furthermore, the Solana community is abuzz with promising developments, attracting more investors and propelling SOL’s price higher.
Solana’s Block Explorer Launch and Other Exciting Developments
On October 30, Solana Developers announced the integration of Cymbal’s Human-Readable Block Explorer with Solana. It’s worth noting that Solana has facilitated over 466,000 NFT projects, boasts over 10 million active wallets, and tracks over 36 million tokens in real time. The introduction of Cymbal AI greatly enhances user experience and represents a significant advancement within the Solana ecosystem.
Adding to the excitement, the Solana Breakpoint 2023 annual conference, which commenced on October 30 in Amsterdam, Netherlands, is generating considerable interest within the crypto community. Distinguished speakers are addressing pivotal topics related to blockchain technology at this event.
During the first day of the conference, JavaScript co-founder and Brave CEO Brendan Eich made an announcement that’s generating substantial attention. He revealed that the Brave browser is set to feature massive integrations with Solana support in 2024, hinting at a potential surge in SOL’s adoption and price.
Furthermore, Phantom Mobile unveiled a novel NFT feature, exclusive to their mobile devices but supported by Solana. Developers at Camera Mint on Phantom Mobile have designed a user-friendly app that enables users to seamlessly convert photos and videos into Solana NFTs.
The diversity of the Solana ecosystem, coupled with the affordability of its tokens, positions it favorably for a broad range of investors. Consequently, SOL’s price could continue its upward trajectory in the days ahead, as buyers continue to accumulate.