Solana (SOL) Price Analysis for October 1

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Bulls have turned out to be more powerful than bears on the last day of the week.

SOL/USD

The rate of Solana (SOL) has gained much today, rising by 13.23% over the last 24 hours.

The rate of SOL is in the middle of the recently formed channel after setting a resistance level of $24.25. Sharp growth is unlikely to happen by the end of the day as most of the ATR has been passed. In this case, sideways trading in the area of $22.50-$23.50 is the more likely scenario.

On the daily time frame, the price of Solana (SOL) has broken the resistance level of $22.20. At the moment, one should pay attention to the bar closure. If it happens above that mark, bulls will keep holding the initiative, which might lead to a further upward move to the $25 zone.

From the midterm point of view, the situation is becoming more bullish as the rate is on the way to the resistance of $27.12. 

If the growth continues to the $26 mark, the accumulated energy might be enough for a channel breakout, followed by a blast to the $30 range and above.

SOL is trading at $23.10 at press time.