- Solana is set to benefit from the pre-election mood as investors turn to low-risk assets.
- Traders could easily push Solana to the next target of $185, especially as top altcoin Ethereum struggles
As a seasoned researcher with over a decade of experience in the crypto market, I’ve witnessed numerous cycles and trends that have shaped this dynamic industry. The current pre-election buildup reminds me of the 2020 presidential election cycle, where Bitcoin broke its long-term consolidation and soared to new heights.
Over the last seven days, Solana [SOL] experienced a significant milestone, successfully surpassing the resistance at $160 for the first time following numerous prior attempts. This bullish move suggests that the previous two-month decline may have come to an end.
Despite a 6% drop during trading hours two days back that temporarily erased some of its progress, the supporters of Solana (SOL) maintained their position near the $175 level, thereby averting any significant additional decline.
As election-related liquidity increases, there’s a strong possibility that Solana might surge to $185, and possibly even climb towards $200, given its ability to firmly establish the $160 mark as a reliable support point.
Pre-election buildup is kicking-in
In the recent presidential election, Bitcoin surged out of a prolonged period of stability and went beyond $40,000 for the first time approximately two months after the event.
In such markets where election results are uncertain, there’s often a tendency for people to favor investments considered less risky, as they receive considerable interest.
After the election, I’m expecting a major surge in the market as I adapt to the fresh market dynamics and seek out high-return altcoins to diversify my crypto portfolio.
At the moment, there’s an atmosphere of anticipation surrounding the upcoming election, suggesting that investors are strategically arranging their portfolios to profit from lucrative, yet secure investments such as Solana, as demonstrated by the graph that follows.
Source : CryptoQuant
Over the last three days, there’s been a substantial return of USDT inflows, totaling more than $28 million being deposited into exchange platforms. This increase in deposits comes after a large outflow of approximately $200 million worth of Tether tokens, which occurred five days prior.
Historically, large amounts of USDT (Tether) flowing into the cryptocurrency market have frequently been followed by Bitcoin hitting its peak for the day. Given this trend and Solana’s strong performance compared to other leading altcoins during the last market cycle, analysts anticipate that Solana could potentially gain from such situations.
If Solana bulls follow THIS pattern
In the past week, Solana surged ahead by more than 5%, marking an end to its two-month downtrend and soaring over $170 – a price point not seen since July. Meanwhile, other altcoins are finding it tough going as they linger in the negative territory.
At present, the stock is valued at $176 and has experienced a 22% surge in trading activity over the past day, potentially indicating an overbought state since the price is approaching its two-week peak. This could possibly signal a shift in trend direction soon.
Source : TradingView
If bulls consider higher election liquidity as a trigger for a bullish November, it’s likely that Solana might handle this pressure effectively, given that solid investors are expected to join the market trend.
Should this trend persist, traders might find it straightforward to drive Solana’s price towards the potential milestone of $185. This could be particularly likely given the challenges Ethereum faces in maintaining its network health, an aspect where Solana typically outperforms.
Essentially, given the current circumstances, Solana has a good chance to reach its immediate price goal. This prediction is based on an influx of funds into large-scale tokens due to increased market volatility caused by pre-election sentiments. Additionally, Solana’s growing influence within the altcoin sector is contributing to this trend.
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2024-10-28 22:16