Solana price climbs past $150, setting the stage for a bullish rally toward $180. This surge comes after SOL, the native cryptocurrency of the Solana blockchain, overcame significant resistance levels. Investors are increasingly optimistic that this upward momentum could extend further, with many expecting even higher price targets.
In recent trading sessions, Solana has shown remarkable resilience, breaking through the critical $140 and $145 resistance zones to reach a high of $153.22. This price action has been supported by technical indicators, which signal a continuation of bullish momentum. SOL is currently consolidating its gains above $148, with analysts pointing to a range of factors that could propel the asset toward $180 in the coming days.
Institutional Interest Drives Solana Price Climb
Institutional interest has been a major driving force behind Solana’s recent price action. According to a report from Standard Chartered Bank, Solana could outperform Bitcoin (BTC) and Ethereum (ETH) under certain conditions, such as a pro-innovation regulatory environment. Geoffrey Kendrick, the bank’s digital assets chief, suggested that Solana’s scalability and fast transaction speeds could give it an edge, particularly in a bullish political landscape.
This institutional backing has fueled confidence in Solana’s potential. As Solana price climbs, investors are keenly watching how increased network activity and growing institutional support could drive further gains.
Historically, October has been a strong month for Solana, with data from Cryptorank showing an average monthly return of 14% over the past four years. If this trend holds, SOL could see significant gains in the latter half of the month.
October has historically been a strong month for Solana, and given the current momentum, we could see a repeat of previous bullish patterns, said Jason Lau, Chief Operating Officer at OKCoin. With increasing network activity and positive technical indicators, SOL could very well reach $180 in the coming weeks.
Solana’s On-Chain Metrics Signal Growth
As the Solana price climbs, on-chain metrics are offering further reasons for optimism. According to data from TheBlock, the number of active addresses on Solana’s network has surged by 15%, climbing from 3 million to 3.47 million. This increase in user activity often signals growing interest and engagement with the network, which can positively impact the price.
In the meme coin sector, Solana has seen a notable uptick in activity. Pump.fun, a Solana-based meme crypto generator, has recorded cumulative revenue of $127.8 million, according to Dune Analytics. This surge in meme coin interest could further drive network activity, potentially creating the conditions for another rally, similar to early 2024.
From a technical perspective, Solana’s price chart shows the formation of a bullish pennant pattern, a setup that typically signals a continuation of the previous uptrend. If SOL can break above the pennant’s resistance, analysts believe the cryptocurrency could see a surge of up to 24%, pushing its price to the $180 level.
Solana has established strong support at $147.50, with immediate resistance at $155 and $158. If it breaks through these levels, we could see a sharp rally toward $180, said Tom Lee, Managing Partner at Fundstrat Global Advisors. However, as always with cryptocurrency, market volatility remains a significant factor.
While Solana price climbs, some caution is warranted due to the inherent volatility in the cryptocurrency market. Despite the current bullish indicators, resistance could emerge at key levels like $155 and $158. Investors should closely monitor support levels at $147.50 and $144.40 as potential zones where SOL could stabilize in case of a pullback.
The Solana ecosystem continues to expand, further supporting the asset’s bullish price movement. Solana’s high scalability and low transaction fees have attracted numerous developers, leading to a surge in decentralized applications (dApps) and DeFi projects built on its network. As the ecosystem grows, Solana’s use cases become more diversified, which could further enhance the long-term value of SOL.
With Solana price climbing and the ecosystem expanding, the project appears well-positioned for further growth. The more projects that are built on Solana, the more demand for SOL as the network’s native token. This growing demand naturally pushes the price higher, explained Meltem Demirors, Chief Strategy Officer at CoinShares.
However, investors should remain mindful of the volatility that characterizes the crypto market. While the current trend is bullish, resistance at $155 and $158 could create temporary setbacks. Support levels at $147.50 and $144.40 will be critical to watch in the event of a pullback.
As Solana price climbs and the ecosystem grows, the coming weeks will be crucial in determining whether this momentum can be sustained or if SOL will face resistance on its path toward higher price targets. Get more from The Bit Gazette
