The crypto market witnessed a notable downtick at the end of October, likely fueled by pre-election uncertainty. As Bitcoin reverted from $70,000, most major altcoins, including SOL, are experiencing a stalled recovery momentum. However, crypto analysts highlight key factors that could boost Solana price for a rally to $300.
By press time, the SOL price trades at $176.58 with an intraday gain of $3.34. Consecutively, the market cap jumped to $82.92 Billion.
Will Solana Price Soar to $300? Analyst Outlines Key Catalysts for Growth
In a recent tweet, market analyst Eugene Ng Ah Sio accentuated a bullish stance on Solana by combining key broader markets and SOl’s technical outlook. As the crypto market shows a hesitant recovery ahead of the 2024 U.S. election, these key factors could notably impact the Solana price prediction.
- Open Interest (OI) Reset: Eugene highlighted that the October market saw a substantial reduction in future Open Interest (OI), indicating a decrease in speculative long positions. This wipeout of speculative trades leaves sufficient room for a fresh wave of buyers after the election.
- Pre-Election Market De-Risking: Analysts noted that market participants likely intended to de-risk closer to November 5, ahead of the U.S. elections. However, this process accelerated, providing clarity on the market’s positioning sooner than expected. Thus, the SOL could witness a temporary volatility or pullback to recuperate the bullish momentum.
- Solana as the Go-To Blockchain: Following the boom in AI meme coins, Solana has emerged as a favorite blockchain of choice for launching these assets. With the latest examples for Goatseus Maximus (GOAT), these altcoins have boosted Solana’s network activity and adoption, consecutively bolstering SOL recovery.
- Key Support: Eugene revealed that Solana’s price has recently flipped a 6-month resistance into potential support. This technical development signals strength, as SOL retesting this support could offer a suitable entry opportunity.
SOL Chart Analysis Hints 4% Surge Before Major Breakout
In the last two months, the Solana price showed a notable recovery from $120 to $175, registering a growth of 46%. As mentioned above, this recovery broke through a significant resistance trendline at $160, opening the path for further gains in the asset.
The daily bollinger band indicator challenging on the upside further indicates an active high momentum rally. With sustained buying, the SOL price could jump 4% before challenging the resistance trendline of the bull flag.
Since March 2024, this chart pattern has driven a steady consolidation zone for buyers to replenish the bullish momentum. A potential breakout on the upside will further boost the buying pressure and push a rally to $275, followed by $375.
On the contrary, if the sellers continue to defend the overhead resistance, the Solana price could witness another reversal and an extended sideways trend.
The post Will Solana Price Hit $300? Analyst Cites Key Factors as Potential Boosters appeared first on CoinGape.
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