Solana set an annual record for value

The value of the cryptocurrency Solana (SOL) has been rising rapidly this month and yesterday, October 25, reached a new annual high of $ 32.81. The SOL rate broke through the horizontal resistance at $ 28, and the Relative Strength Index (RSI) reached its highest level since November 2021.

Cryptocurrency traders on the X platform are mostly bullish as Solana’s value has made a breakout of a key resistance zone. Analyst Pentosh1 believes that SOL will head to $ 37 as soon as it breaks above $ 32. Investor SatoshiWolf supported this opinion, but due to numerous resistance levels around $ 37, he believes that profit-taking will begin here.

At the time of writing, the cryptocurrency created by Ukrainian developer Anatoly Yakovenko is trading at $ 32.28, up 35.2% over the week and 66.4% over the month. Cryptocurrency analyst Altcoin Sherpa even called Solana the best investment. The analyst emphasized that if Solana’s EMA «can comfortably stay above $ 27, then $ 37 is the next area of growth.» Altcoin Sherpa also warned about the SOL supply coming to the market via FTX — the failed cryptocurrency exchange has received court approval to liquidate $ 3.4 billion worth of cryptocurrency, which mainly consists of SOL.

In November 2022, the price of Solana fell from a high of $ 31.72 to a low of $ 12.34 in two days. The collapse was caused by the bankruptcy of the FTX exchange. Yesterday, cryptocurrency trader Joe McCann noted that SOL’s price has fully recovered from this collapse.

According to TradingView’s metrics, the vast majority of them signal further strengthening of SOL’s position. Amid the favorable situation for the coin, Finbold analysts turned to the machine learning system from CoinCodex. According to the neural network’s forecasts, in mid-October 2024, Solana will be trading at $ 112.4, which is 318.3% higher than the current price level. At the same time, in October 2025, the asset will be around $ 64.15, which is 138.5% higher than the current price.