The crypto market has added significant value in its valuation during the month of October as the industry experienced a massive price pump. The Solana price has surged over 21% over the past week and has recorded a massive gain of almost 80% in value during October, making it one of the best performers for the month.
Multiple factors contribute to this surge. The recent market surge and the news of the upcoming update, which will include significant developments in the Solana ecosystem, are assumed to be the prime reasons for this price pump.
The price was seen constantly trading in a closed range between $22 and $24.25 for a brief period. Following the start of the SBF case, the SOL price gained massive attention, resulting in the price recording significant fluctuations.
The market pumped, and the Solana token quickly gained momentum and broke out of multiple resistance levels. As the token approached the resistance level at $33.29, it recorded a new yearly high.
The price was seen hovering close to the level, after which it gained momentum and broke out of it. Further, the price was rejected at $38.72 and has been hovering close to it.
The MACD displays a rising green histogram, indicating an ongoing massive price action for the coin. Further, the averages show a sharp rise in the chart, suggesting the price will continue gaining value in the coming days.
Will SOL Price Cross $40 Soon?
If the bulls push the price above the resistance level of $38.72, the price will continue rising and test its upper resistance level of $40 soon. Further, if the bulls hold the price at that level, it will continue to surge and make a run to test its resistance level of $42 in the coming days.
On the contrary, if the bears overpower the bulls and the price breaks down the support level at $33.29, the SOL price will start trading under a bearish influence, resulting in the price further falling and testing its lower support level of $28.16.
Moreover, if the bears continue to dominate the market, it will continue to plunge and test its crucial support level at $24.25 in the coming time.