Ethereum

bullish

Solana

Bitcoin

The Solana (<a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">SOL</a>) cryptocurrency could “feed generations” if the token goes beyond the upcoming breakout as it<a href="https://coingape.com/markets/can-solana-price-reach-2000-analyst-says-breakout-will-feed-generations/" rel="noopener noreferrer nofollow"> reaches $2,000</a>, predicted an analyst.
Such Solana speculations are rising amongst crypto analysts and traders as the token’s recent price movements caused a stir in the market.
As of October 23, SOL has gone down by 1.5% to trade at $165 which could be an effect of the Bitcoin experiencing selling pressure resulting in BTC to drop to $66,363.
However, the decline in the Solana price hasn't affected the token's bullish parabolic chart pattern as SOL was up 6.7% in the last week.
It's reasonable to think that SOL could hit the $2,000 level as the digital asset could be nearing similar market capitalisation like Ethereum, making a $840 price target possible. In its current trading level of $165, Solana is running at a price level lower than its previous high of $220. As
Solana flips Ethereum trends, we see that the SOL has outperformed <a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">ETH</a> as the former’s price has increased 51% year-to-date, compared to the latter’s 9.4% in the same period. The SOL/ETH pair has hit a new all time high of 0.06461, this week leading to Solana flipping Ethereum.
Also Solana’s TVL has surpassed its 2 year high to $7.472 billion. If the token adds another $2.47 billion it will break its all-time high TVL.
All these suggest that Solana can flip Ethereum, taking its place and surging to $840 price point. But the question remains about its $2,000 price potential.
As per the Regression Band indicator tool, SOL could reach $2,000, with an upside target of $4,032. This tool uses linear regression lines which represent price movements based on statistical deviations and historical price data to analyze resistance levels and price trends.
According to this tool the important support levels for SOL are $116.36 and $57.20, while resistance levels are $236.69, $481.48, $979.39, $1,992.21 and $4,032.44.
In October, Solana’s price levels were near the $236.69 level signaling an upward trend but the token is yet to reach its upper resistance level. The slope of the regression banda along with the price action indicate a bullish phase for SOL.
Meanwhile, the short term price action of Solana has formed a cup-and-handle pattern, a type of bullish continuation pattern. The rounded bottom in this pattern is signaling that the Solana market is gathering at the $120-$140 range as it prepares for a breakout.
As it moves toward the $180 resistance level SOL is coming out of its consolidation phase which could lead the token to reach $240, gaining 46%.
The price forecast of SOL displays the token surpassing several key moving averages which shows that the momentum is shifting towards crypto buyers. There's a probability that Solana forms a parabola on the chart with the digital asset touching $240 by mid-November.
However, if SOL goes below the $150 support level it would invalidate the ongoing bullish trends and indicate a signal Markey weakness.
As of October 24 morning, <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">Solana is trading</a> at $173.45, up 4.36% in the last 24 hours while <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum is at</a> $2,521.02, down by 2.20%. Their market cap stands at $81.05 billion and $303.56 billion respectively.

Solana To Form Parabola On Price Chart, Reach $2000 By Mid November

Yellow News

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