SOL ranks among the bullish cryptocurrencies today, benefitting from the ongoing rally in the crypto market. $40 looks more realistic since SOL overcame the psychological resistance level of $20.
Based on its present trajectory and exciting events in the Solana community, investors wonder if it will attain $40 in the coming days. The technical indicators in the chart below will uncover SOL’s price trajectory in the coming days.
SOL Testing $36.69 Resistance, Will The Bulls Rally To $40?
SOL is in an uptrend on the daily chart, forming a third consecutive green candle as the buyers continue accumulating. Remarkably, SOL flipped the $33.05 resistance level to support on October 30 and is testing the $36.69 support today, October 31.
The Relative Strength Index (RSI) indicator displays a value of 77.78, already in the overbought region above 70. The RSI shows no signs of a decline, implying that more buyers are opening long positions for SOL.
Furthermore, the Moving Average Convergence/Divergence (MACD) indicator is above its signal line, displaying a strong buy signal. This signal is confirmed by the green Histogram bars formed on October 30 and today.
Therefore, SOL will likely rally to the $40 resistance level in the coming days if the buyers push it above the $36.69 resistance level.
However, if rejection occurs at $36.69 and the RSI retraces from the overbought level, buyers must apply a trailing stop loss to curtail massive losses.
Nevertheless, SOL looks well positioned to return to $40 based on its strong support level at $33.05. Also, some exciting developments in the Solana community are driving more investors to the ecosystem and boosting SOL’s price.
SOL’s price currently hovers at $36.69 in the daily chart. | Source: SOLUSD price chart from TradingView.com
Solana’s Launch Of Block Explorer Amidst Other Developments
Solana Developers, on October 30, announced that Cymbal’s Human Readable Block Explorer now supports Solana. It’s worth mentioning that Solana has organized over 466,000 NFT projects, has over 10 million active wallets, and tracked over 36 million tokens in real time. The Cymbal AI helps Solana users keep track of their activities with ease and is a welcome development in the ecosystem.
Also, there is much excitement in the crypto community for the ongoing Solana Breakpoint 2023 annual conference that began on October 30. This event is in Amsterdam, Netherlands, with notable speakers taking vital topics surrounding blockchain technology.
The first day of the event featured an address from JavaScript co-founder and Brave CEO Brendan Eich. According to Eich, there are massive integrations with Solana support coming to the Brave browser in 2024. This announcement by the CEO is likely driving the adoption of SOL tokens ahead of a potential price surge above $40.
Additionally, Phantom Mobile announced the creation of an NFT feature not available on their mobile devices but supported by Solana. According to the developers with Camera Mint on Phantom Mobile, users can instantly convert photos and videos into Solana NFTs using the app.
The diversity of the Solana ecosystem makes it ideal for most investors since its tokens are still quite affordable. Therefore, SOL could rally in the coming days if the buyers continue the ongoing accumulation phase.
Featured image from Shutterstock and chart from TradingView.com
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Author: Kent Glory
