Solana (SOL) Bullish Surge: Is $40 Just the Beginning?

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Solana (SOL) has been a standout performer in the last quarter of 2023, defying calls for a price correction. Despite “Uptober” starting with scepticism, SOL has managed to climb past various price hurdles and is now very close to hitting $40.

SOL’s Path to $40

The cryptocurrency market is no stranger to wild swings, and Solana (SOL) exemplifies this market’s dynamism. In just two consecutive bullish months, September and October, Solana convincingly conquered multiple resistance levels at $25, $28, $30, and most recently at $35.

However, SOL managed an 88% increase from September 1 to October 31, with a remarkable 56% of these gains realized in the last 30 days, pushing its price to $39.

Adding to the positive sentiment is a bullish cross, a technical indicator that’s fueling investor belief that SOL isn’t just headed to $40; it’s also eyeing $50 in the short term.

Solana (SOL) 62% Surge in October

Further reclaiming its position as the seventh-largest cryptocurrency by market capitalization, SOL experienced a phenomenal 62% surge in value during October. 

Perhaps its growing prominence is evidenced by the fact that nearly 2% of discussions about the top 100 cryptocurrencies revolve around SOL. This reflects the crypto community’s growing interest and trust in the Solana platform.

While the future looks promising for SOL, a key factor to watch for any potential reversals or sustained upward movement is trading volume. A significant increase in trading volume, particularly on the bullish side, would signal strength and a potential continuation of its upward trajectory.

Despite concerns over FTX liquidating roughly 57 million SOL tokens, SOL’s market capitalization has seen substantial growth, reaching $16.54 billion. These tokens are expected to unlock in a staggered manner, with an average unlocking date in Q4 2025.

Solana Founder’s Tribute to Ethereum’s Vitalik Buterin

Recently, Anatoly Yakovenko, the co-founder of Solana, expressed his deep appreciation for Ethereum’s visionary founder, Vitalik Buterin, on an X platform. This gesture comes after a significant event in SOL’s history that left an impact on the crypto world.

Yakovenko’s message transcends the rivalry between the Ethereum and Solana communities, emphasizing that, despite differences, they share a common goal – advancing the blockchain industry. 

He believes that disagreements should revolve around technological progress and vision, contributing to the overall improvement of the crypto space.