Milestone Achievement
The Solana platform has recently unlocked a new milestone by achieving $6 billion in Total Value Locked (TVL) for the first time since January 2022. This impressive rise from lows below $500 million highlights a surge in trader confidence and broader adoption of the platform. Additionally, extensive memecoin activity has contributed to maintaining the chain’s upward momentum.
Current Price Action
Currently, the SOL price is facing resistance around $168. A breakout above this level could lead to bullish continuation, potentially pushing prices to:
- $176
- $191
However, this scenario hinges on the bulls breaking the existing bearish trend.
Short-Term Technicals
The 4-hour chart indicates that SOL may experience a small pullback. The price is testing local support at $164.55 and is encountering bearish pressure due to increased sell-offs. There is a higher probability of a decline towards the lower support of the rising wedge, coinciding with a crucial support zone between $160 and $161.
Despite this, short-term technical indicators are nearing a tipping point and may soon shift in favor of the bulls.
Market Outlook
As selling pressure mounts, the upcoming weekend could establish lower support levels. This situation is likely to attract significant buying volume, particularly as the trade enters the last week of the month, which has historically been volatile. Thus, it is anticipated that Solana (SOL) will close October above $170, potentially reaching $180 in the first few days of November 2024.
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