Solana has been hovering around the $34 mark in October 2022 and it is mostly trading sideways since Monday. Its price has mostly remained stagnant between $32 to $34 since late September showing no signs of a rally. SOL might be accumulating in the last 30 days and it could either break out or head backward in the coming days.
Leading crypto analyst Altcoin Sherpa tweeted to his 185,000 followers that Solana is currently in “accumulating” mode. He predicted that SOL will move up from hereon in October 2022 as it’s in the same range for months.
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“SOL: I think that this one is accumulating. It’s got tight candles with low volatility and has been ranging for months. I think the next big move is to the upside personally. Solana,” he tweeted.
How High Can Solana Go in October 2022?
While crypto analysts predicted that Solana could go higher in October 2022, the market reality is strikingly different. Solana’s low trading volume is a matter of concern and the bulls fail to gain an upper hand on the momentum. On Friday alone, Solana’s trading volume is down 7% and the trend has been the same this month.
Even if Solana forges ahead in the coming days, it could face resistance at $38 levels. The crypto has been repeatedly rejected at these levels since August and is unable to break through the $38 mark.
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The inflows into Solana is relatively low since August 2022 compared to 2021, making its price stunt in the indices. The markets are currently under the magnifying glass of global macroeconomic conditions tightening the claws of the bearish grips.
Therefore, Solana, along with leading cryptos like Bitcoin and Ethereum will most likely not rally in October 2022. It is advised to wait and watch for further economic developments before going all-in on Solana.
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At press time, Solana was trading at $33.45 and is down 2.5% in the 24 hours day trade. SOL is down 87.1% from its all-time high of $259, which it reached in November last year.