Solana Price Surge: Is $180 in Sight for October 2024?

Solana price has been struggling to break it to new heights, always battling resistance levels to fall back to the usual support levels, just like over the past year. During March 2024, it peaked at over $200, like $209, and then $202, before falling back to $169 and similar to that back in May reaching $187, and later in July hovering around $194, before always going back to lows of around $130, with a major fall in early August to $111. From these price swings, could SOL price break $180 this October, let's dive first into what's driving the recent rally to get a more precise Solana price prediction.

By TradingView - SOLUSD_2024-10-21 (1D) - Technical Indicators

Solana Price Surge: What’s Driving the Recent Rally?

Solana (SOL) is experiencing a significant price surge, currently trading at $169.46, up 6.57% in the past 24 hours. This follows a steady upward trend, with SOL gaining 14.63% over the last 7 days and 15.39% over the past month. The cryptocurrency's market cap stands at $79.45 billion, while its 24-hour trading volume has soared by 86.44%, reaching $3.23 billion.

By TradingView - SOL Price Performance

Several factors have contributed to this price rally:

• Historical Bullish Trends: Solana has historically performed well in October, averaging a 14% gain during this month over the past four years​. Analysts predict that SOL could continue this trend, potentially reaching the $180 mark before the end of the month​​.
   
• On-Chain Activity Surge: Solana's active addresses have increased by 15% recently, indicating a rise in user engagement​. This spike in network activity is fueling demand for the SOL token, supporting the bullish momentum.
   
• Bullish Pennant Pattern: Technical analysis reveals the formation of a bullish pennant pattern on Solana's daily chart​. If this pattern holds, SOL could break through its current resistance levels and challenge the $180 target in the coming weeks​.
   
• Broader Market Influence: Bitcoin’s strong performance, recently retesting the $69,000 mark, has also lifted altcoins like Solana. Favorable market conditions, including optimism following the Token2049 event, have boosted investor confidence in Solana​.

The combination of historical performance increased on-chain activity, and a bullish technical setup indicates that Solana is well-positioned to reach $180 by the end of October. However, investors should watch for resistance around the $170-$180 levels, as any failure to break through could lead to a temporary pullback. A dip toward $160 or even $127 remains a possibility if bearish forces take control​.

By TradingView - SOLUSD_2024-10-21 (YTD)