Solana SOL had a successful Q3 2024 in terms of battling with its rival crypto competitors Ethereum and Bitcoin, outperforming both in terms of growth. The asset is back on the rise following its tumble from $193 at the beginning of August. Bitcoin and Ethereum are both performing well as the final quarter of the year begins, however, SOL’s Q3 performance may set the stage for a positive final quarter as well.
Bulls currently have a strong hold on Solana, with trading volume up in the past few weeks. At press time, SOL’s TV is up 28% in the last 24 hours alone, despite a slight 5% correction Tuesday. Solana price has been trending higher since September 6, gaining 25% and outperforming Bitcoin and Ethereum. In terms of Q3 specifically, Solana gained 6% in price, while Bitcoin added 1.55%. Even worse, however, Ethereum’s price lost 23% in Q3.
SOL’s latest rally could be due to a general market bullishness. BTC has hit $65,000 for the first time since early August. The Federal Reserve’s 50 basis point interest rate cut may have led to investors taking more risks. Now, more attention is being drawn to crypto as an investment option following US dollar fears. Thus, the majority of the top ten crypto assets by market cap have risen in the past month.
Also Read: Solana (SOL) Predicted To Grow 5x To $776: Here’s When
Furthermore, another factor that may have pushed SOL’s price could be the onset of October. Historically, October has been a bullish month for the crypto market. The entire crypto market has performed well in the past week, and several price predictions are bullish on October performances.
For SOL specifically, the next level of resistance appears to be $165, according to most analysts. Solana [SOL] was unable to clear the $163 resistance level on its third attempt since August. In the past two days, it saw short-term price volatility and is down by 3.4% since the local high at $161.80. However, the increase in trading volume, as well as recent whale activity, could send SOL back up toward that level for another retest. Now that we are in October as well, this test could be successful, sending SOL skyrocketing. Short-term targets are $200, and long-term profit SOL targets range from $350 to $500.