5 Reasons Why Solana Price Could Hit $180 By October End
The first two weeks of October remained neutral for most major altcoins following the geopolitical tension in the Middle East. Amid this consolidation, the Solana price managed to stabilize above $135 and the 200-day Exponential moving average for a bullish reversal. Here are five reasons why SOL could extend recovery in October.
Solana Price Set for October Surge with Historical 14% Return
Following the broader market sentiment, the Solana price typically records a bullish trajectory in October. According to Cryptorank, SOL records an average monthly return of 14.% this month, considering the data from the last four years.
If history repeats, the layer-1 cryptocurrency could drive a bullish reversal in October’s second half.
SOL Set to Outperform BTC and ETH as Trump’s Return Spurs Innovation
Standard Chartered Bank predicts that Solana (SOL) may outperform both Bitcoin (BTC) and Ethereum (ETH) if Donald Trump is re-elected as U.S. President. According to the bank’s digital assets chief, Geoffrey Kendrick, a pro-innovation regulatory environment under Trump’s leadership will boost the border crypto market and enhance Solana’s appeal due to its high scalability and fast transaction speeds.
Kendrick predicts a potential 100x to 400x price increase for SOL, driven by Solana’s growing ecosystem and anticipated political support for emerging technologies.
Solana Meme Coins to Fuel Early 2024 Rally
Based on historical trends, the crypto market witnessed a major recovery in October. This bullish turnaround could significantly impact the meme cryptocurrency sector due to its volatile nature and attraction for speculative trading.
As a result, renewed interest in Solana meme coins could significantly boost Solana’s network activity and revenues, potentially setting the stage for an early 2024-like rally.
According to data from Dune Analytics, the Solana meme crypto generator, Pump.fun, has recorded a cumulative revenue of $127.8 million, underscoring the growing popularity and economic impact within the Solana ecosystem.
Solana Active Addresses Surge 15%: User Engagement on the Rise
As per TheBlock data, the Solana active addresses witnessed a sudden jump from 3 Million to 3.47 Million, registering a 15% jump. The increase indicates highlighted user activity and engagement within the network.
In general, the growth in active addresses is marked among the core fundamental growth of a network that drives natural demand for its native cryptocurrency.
Bullish Pennant Pattern Points to SOL Price Surge Toward $180
In the daily chart, the Solana price prediction shows the formation of a bullish pennant pattern. Generally, the chart setup resembles a dominant trend with a pole, followed by two downsloping trendlines to recuperate the bullish momentum.
By press time, the SOL price had traded at $145, with a market cap of $68.27 billion. Following the chart setup, the asset price will likely surge 24% to challenge the pattern overhead trendline at $180.
A potential breakout will signal the end of seven months of consolidation and drive a sustained rally.
However, if the downsloping trendline remains intact, the sellers could bolster a prolonged sideways trend.
The post 5 Reasons Why Solana Price Could Hit $180 By October End appeared first on CoinGape.
Crypto Feed:
https://ift.tt/3lqSMjJ
Sahil Mahadik
CoinGape
Philpar