What is Solana (SOL)?
Solana is a blockchain platform based on a proof of history/stake (PoH) algorithm - The algorithm runs on top of a public ledger called the 'Chain Registry', which holds blocks of transactions. Each block contains a combination of transactions to process and can vote on other blocks' transactions.
This platform allows users to create & execute smart contracts, decentralized apps, and new cryptocurrencies. Solana differs from Ethereum in that it can process 50,000 transactions per second (TPS), which is 1000 times faster than Ethereum. Solana also has its native currency, SOL, which users can stake to become validators and earn rewards for helping secure their network.
Check Solana fundamentals before analysis the price prediction.
Solana Price Prediction For Oct 2022
- Trend: Up Side
- Support: $30
- Resistance: $48
- Relative Strength : 40
At the moment, the price of Solana is oversold and might face a major buying soon. According to the daily chart, we can see Solana take support of around $30; that's the previous support levels during April, May, June, July of 2021, and June to Aug 2022.
If the market stabilizes and volume increases, we can see a big move up to $48, which is technically a resistance zone.
Also, the Anchored VWAP line (Average Volume and Price Line) shows where most buyers and sellers are available with an average price. So that means there are high chances that Solana price may again be rejected near this line.
But If the price crosses this ($48) resistance, we can expect Solana Price to enter the next big move up to $78.
Solana Price Prediction (2022-2025)
The long-term view depends on how the crypto market work overall. We may see a level-to-level movement when inflation and Fed rates normalize soon, and it won't hit the market hard.
Then we can see the level-by-level movements.
The key levels are $78, $48, and $30, where price may react according to volume, market sentiments, and demand & Supply.
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If the Solana price maintains above $48, it could reach up to $78 and yes if SOL will cross this level we can see new all-time highs. But price falls below $30, there is a possibility of a downward trend.
It would be best if you understood that we are not in the old days when the Crypto price rose to 100x in a few months. And It is premature to predict any cryptocurrency price for the next 5 to 10 years and ask about Solana crossing $1,000/2,000 because we don't know where the price is going a week from now. Remember, it's all forecast based on previous levels and technical tools.
The information provided in this article is not financial or investing advice. The author does not make any warranties about this information's completeness, reliability, and accuracy. The cryptocurrency market is volatile, and it can be difficult to predict which coins will rise and fall in value over time. Any investor should research multiple viewpoints before committing to an investment.