SUN It is among the bullish cryptocurrencies currently, benefiting from the ongoing rally in the cryptocurrency market. $40 seems more realistic as SOL broke through the psychological resistance level of $20.
Based on its current trajectory and the exciting developments in the Solana community, investors are wondering if it will reach $40 in the coming days. The technical indicators in the chart below will reveal the price trajectory of SOL in the coming days.
SOL tests $36.69 resistance, will bulls rally to $40?
SOL is in an uptrend on the daily chart, forming a third consecutive green candle as buyers continue to accumulate. Surprisingly, SOL flipped the $33.05 resistance level into support on October 30 and is testing the $36.69 support today, October 31.
The Relative Strength Index (RSI) Indicator sample a value of 77.78, already in the overbought region above 70. TThe RSI shows no signs of declining, implying that more buyers are opening long positions for SOL.
Furthermore, the Moving Average Convergence/Divergence (MACD) indicator is above its signal line, showing a strong buy signal. This signal is confirmed by the green histogram bars formed on October 30 and today.
Therefore, SOL is likely to rise to the $40 resistance level in the coming days if buyers push it above the $36.69 resistance level.
However, if a rejection occurs at $36.69 and the RSI pulls back from the overbought level, buyers should apply a trailing stop loss to limit massive losses.
However, SOL appears well positioned to return to $40 based on its strong support level at $33.05. Additionally, some interesting developments in the Solana community are attracting more investors to the ecosystem and increasing the price of SOL.
Solana launches Block Explorer amid other developments
Solana Developers, October 30 Announced that Cymbal’s human-readable Block Explorer now supports Solana. It is worth mentioning that Solana has hosted over 466,000 nft projects, has over 10 million active wallets, and has tracked over 36 million tokens in real time. Cymbal ai helps Solana users track their activities with ease and is a welcome development in the ecosystem.
Additionally, there is a lot of excitement in the crypto community about the current Solana Breakpoint 2023 annual conference that began on October 30. This event will be held in Amsterdam, Netherlands, and keynote speakers will address vital topics related to blockchain technology.
The first day of the event featured a ADDRESS from JavaScript co-founder and Brave CEO Brendan Eich. According to Eich, there will be massive integrations with Solana support coming to the Brave browser in 2024. This announcement from the CEO is likely driving SOL token adoption ahead of a potential price surge above $40.
Additionally, Phantom Mobile Announced creating an nft feature that is not available on your mobile devices but is supported by Solana. According to Camera Mint developers at Phantom Mobile, users can instantly convert photos and videos into Solana nft using the app.
The diversity of the Solana ecosystem makes it ideal for most investors as its tokens remain quite affordable. Therefore, SOL could rally in the coming days if buyers continue the ongoing accumulation phase.
Featured image from Shutterstock and chart from TradingView.com
