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Giant Altcoin Continues to Impress! These Levels May Come!
The price of $SOLANA$ (SOL), one of the popular altcoins, made a sharp jump by passing the $ 22 resistance on October 1, and this break indicated the continuation of the recovery in price. This rise also eclipsed a significant top from the previous correction phase, indicating a potential shift in market dynamics. So, does SOL have enough bullish momentum for a permanent uptrend?
Solana (SOL) Price Analysis
The largest cryptocurrency, $BITCOIN$ ($BTC$), is struggling to break the $28,500 threshold, causing many altcoins to stumble in their recovery efforts. As a result, Solana's price has fallen 9 percent this week, retreating from its recent peak of $24.75, and bottoming out at around $22.58.
This recent decline acted as a catalyst, increasing buying interest from the $22 support, and SOL's price rose 3.9 percent with this increase in interest, reaching its current price level of $23.59. If this buying enthusiasm continues, it could make another rise of approximately 8 percent, targeting the important resistance zone around $25.3.
From a broader perspective, the popular altcoin's ongoing recovery appears to be within the confines of an ascending channel formation. This pattern formation responds strongly to both the upper and lower bounds of SOL's price, and the significant impact of the pattern on market participants is noticeable.
Adhering to this chart formation shows that the altcoin can reach up to $36 before reaching the upper trend line of the channel during its recovery.
Performance Comparison for SOL and BTC
When price movements over the last 6 months are evaluated, it becomes clear that Solana's price shows significant volatility, especially when compared to Bitcoin. While Bitcoin's price moves relatively sideways, SOL's price reflects high volatility. In particular, it is clear that Solana has overshadowed Bitcoin by registering significant gains in recent weeks, at a time when bullish expectations are increasing in the overall market.
