Key Takeaways:
- SOL price remained well-bid above $20 and retested at $25.
- A key rising channel is forming with resistance near $26.80 on the daily chart.
- Solana could surge toward $28.00 and $30.00 in the coming days.
NEW DELHI (CoinChapter.com) — Solana’s SOL is gaining pace above the $22.50 resistance. And according to Solana price prediction confirmed by classic technical setups, the SOL price may rise 20% to $30 in October 2023.
Solana Price Prediction — A 10% Rally For Now
As discussed in the last Solana price prediction, dips remained attractive in Solana above the $20.00 level. The bulls were active above the $20.00 and $20.50 levels.
A fresh base was formed near $21.00 before the price started a fresh increase. The recent spikes in Bitcoin and Ethereum helped Solana start a decent increase. The price is up nearly 10% in two days and shows positive signs above the 50-day simple moving average (blue).
Furthering the Solana price prediction, one can notice SOL’s price trending inside a rising channel pattern, with resistance near $26.80 on the daily chart.
Recently, the cryptocurrency retested the first bullish target of $25, indicating higher chances of a breakout. Therefore, a break above $25 could send the SOL price toward its 50% Fibonacci retracement level near $26.50.
A clear upside break above the $25 resistance could fuel another rally. The first major resistance above $25 could be $26.80. The next stop for the bulls might be near $28.80 or the 76.4% Fib retracement level of the downward move from the $32.50 swing high to the $17.36 low.
The main target for the bulls could be $30, above which Solana might accelerate higher toward the $32.20 level in the coming days.
Another Rejection in SOL at $25?
Conversely, the SOL price might correct lower from $26.80.
According to technical Solana price prediction, SOL’s immediate support is near the $23.00 level. The main support is now forming near the $22.00 level or the channel trend line. If the bulls fail to protect the $22.00 support, the price could test the 50-day simple moving average (blue) at $20.50.
Any more losses might clear the path for a test of the $17.40 support region.
Overall, the SOL price is gaining pace and could soon rally further above the $25.00 resistance. The main target for the bulls might be $30. If Solana fails to clear the $25 hurdle, it could correct lower and revisit the $22.00 support zone.
Solana Price Prediction From Fundamental’s POV
Looking at the Solana price prediction fundamentally, SOL appears bullish. Reason: Solana’s frictionless payments service is now being used by hundreds of merchants, having the ability to accept and send payments with stablecoins like USDC anywhere, anytime for just $0.00025 average fees.
