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SOL hits $230: Party time if this key price is taken out

A bullish price chart

SOL hits $230: Party time if this key price is taken out

Industry
Shedrach Kongvong

The crypto market has seen a significant rally in the last 48 hours with both Bitcoin and altcoins, recording major price milestones. Several top crypto assets have also shown potentials for further growth, including Solana (SOL).

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According to a crypto analyst CryptoTony on 3 October, the Ethereum competitor has done well but will be on a greater parabolic path if it manages to reclaim the key price of $253.

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CryptoTony says the $253 price is the “safest long”, a slang term that means it is the safest price to open a buy order. For crypto traders, this means it is the price at which you can bet for the upward move of SOL.

That means $253 is a key resistance level that once broken could leave an open way for the asset to soar to new price levels. 

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This prediction is not far from the views of other analysts. One of such has predicted that after the bullish retest of the $210 zone, SOL might be ready to rise to new price levels between $320 and $360.

The surge to these levels may depend on the reclaiming of $253 as predicted by CryptoTony, so investors and traders will do well to watch out for the level. 

Indeed, SOL has demonstrated strength that will potentially push it to fulfill these predictions. According to another analyst Rekt Capital, the asset turned a macro downward trend into support on the first day of October.

This flipping marked SOL’s successful breaking of an almost year-long downtrend, meaning it is free to reach new price levels.

If a Solana ETF gains approval from the SEC, this could also contribute significantly to pushing the price of SOL in Q4, making it a top performer in the quarter.

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Tags:

Crypto
Solana
Shedrach Kongvong

Shedrach Kongvong Senior Staff Reporter. Have a question? Write us at hello@techgaged.com.

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