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Countdown starts now? SOL breakout as technical indicators turn bullish

Countdown starts now? SOL breakout as technical indicators turn bullish

As the week started with a bullish sentiment in the cryptocurrency market, Solana (SOL) seems to be following the trend, and technical analysis (TA) suggests that more gains could be in store for the seventh-largest cryptocurrency by market capitalization.

Indeed, Solana has recently broken out of its triangle chart pattern on the daily time frame towards the upside, marking the start of a new upward trend and indicating the potential for further increases in the near future, according to the information retrieved from finance and crypto analytics platform TradingView on October 17.

SOL price action analysis. Source: TradingView

On top of that, Solana’s daily buying volumes have more than doubled in the last 24 hours, which is another bullish sign for this digital asset.

Solana price analysis

At press time, Solana was changing hands at the price of $24.19, recording a 4.66% growth on the day, as well as increasing 8.88% across the previous week, in addition to accumulating a gain of 26.75% on its monthly chart, as the most recent data suggests.

Solana 7-day price chart. Source: Finbold

That said, the upward move for Solana could face a problem as the decentralized liquid staking platform Lido Finance ends its Solana operations after its DAO members voted in favor of winding down Lido on Solana protocol “after much discussion.”

The exact date of the complete ceasing of the Solana operations is still unknown, but a rough estimate suggests it would probably take place by February 2024, with the halting of frontend support and limiting unstaking only through the command-line interface (CLI).

In the meantime, Lido will halt accepting new staking deposits on Solana in October, followed by voluntary node operator off-boarding from the pool in November this year, according to the platform’s snapshot post announcing and detailing the change.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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