The cryptocurrency of a Ukrainian developer may grow significantly in the near future

Solana continues to show strength amid a general slowdown in the crypto market. While the total market capitalization grew by only 0.5% over the past day, the price of SOL increased by almost 3%, continuing the steady growth of the past three months. During this period, the token has risen by about 37%, showing stability even at times when most altcoins are stagnating or falling. New technical and on-chain metrics indicate that Solana may be preparing not only for another rally but also for a possible breakout of its previous all-time high of $ 293.

A hidden bullish divergence has formed on Solana’s daily chart, a technical pattern where the price forms an upwardly trending low while the Relative Strength Index (RSI) shows a downward trending low. Traders actively use the RSI to assess the momentum and determine when the movement may continue or slow down.

This structure often indicates an uptrend strengthening and the accumulation of forces for a new jump. The last time Solana demonstrated a similar configuration — from April 7 to June 22 — the price rose by an impressive 63.63% in just one month. A similar divergence formed from August 2 to September 25, and approximately 24% of this potential movement has already been realized.

If Solana continues to move in the same direction, the price could reach $ 312 by the end of October, replicating the timeframe and scale of the previous rally. Online data supports this optimistic scenario. The NUPL indicator for short-term holders at the time of publication is 0.11, which usually indicates controlled profit-taking rather than excessive hype. In previous cycles, NUPL values of around 0.20−0.21 signaled local tops, such as in July and September, when short-term holders began to actively sell. The current level of about 0.10−0.11 is closer to the «stable zone» seen in August, when Solana was rising after a small decline.

However, investors should keep in mind an alternative scenario. If the price falls below $ 213 and then $ 190, the bullish scenario will weaken significantly, which could signal a short-term pullback or even a deeper correction. In this case, traders should be prepared for a possible retest of lower support levels before growth resumes. The current combination of technical indicators and online metrics creates a favorable environment for growth, but the cryptocurrency market remains volatile, and any forecasts should be considered taking into account possible risks and sudden changes in investor sentiment.