Solana Price Speculation: How High Can SOL Climb in 2023?

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Solana (SOL) price is bullish, indicated by the Relative Strength Index (RSI) positioning far above the 50 level. It stands 40% above the $17.29 support level. This is the base from which it bounced after the slump infused by the US Securities and Exchange Commission (SEC) branding SOL a security. It is also up 30% after breaking from a weeklong consolidation within a demand zone.

Uptober Boding Well for Solana?

The bullishness for Solana price comes on the back of October being a good month for trading, historically. It joins the broader market, with prices appearing all flared up, led by Bitcoin (BTC). The flagship crypto recorded a daily gain of almost 5% yesterday.

Another bullish fundamental for the SOL token is the recent partnership with OpenBlock Labs. This collaboration provides the green light for the Solana Retroactive Public Goods Funding (RetroPGF) Round 1.

1/ OpenBlock Labs is partnering with Solana Foundation to launch Solana Retroactive Public Goods Funding (RetroPGF) Round 1! You can nominate projects and find out more here: https://t.co/dZTaHQNoPC pic.twitter.com/969Rm4d0z9

— OpenBlock (@openblocklabs) October 2, 2023

The Solana blockchain continues to attract users with its climate-conscious, carbon-neutral technology, with openly accessible network emissions.

Did you know that Solana was the first smart-contract L1 blockchain with real-time energy emissions tracking?

Solana is climate conscious, carbon-neutral tech, and anyone can examine network emissions at any time 🍃

Learn more & get involved: https://t.co/MPCIDiCDEC pic.twitter.com/aa9fYvTuZ1

— Solana (@solana) October 2, 2023

It is also worth mentioning that the Solana Hyperdrive Hackathon is still on, with developers’ eyes peeled to the October 15 deadline.

The Hyperdrive Hackathon forges forward – over 5,000 builders are competing until Oct 15! Want some tips before submitting?💫

Join @mattytay, @SolanaFndn, for a Reddit AMA, live now Oct 2nd for the next hour!

Drop your questions on Reddit below👇https://t.co/FCnZJCkotj

— Solana (@solana) October 2, 2023

With all the network activity around the Solana blockchain, it is a no-brainer why the token has recorded quite a run.

Solana Price Forecast as SOL Looks To Clear $25.40

Solana price is trading with a bullish bias after a remarkable bounce from the crucial support at $17.28 and aggressive buying from the demand zone between the $19.62 and $18.89 range. At the time of writing, the purported Ethereum killer is valued at $24.19.

The Relative Strength Index (RSI) outlook shows that the run may not be over for Solana price, after bouncing off the 70 level and heading north to show increasing momentum. The Awesome Oscillators (AO) are equally optimistic, flashing green with the histogram bars steadily holding in the positive territory.

If the RSI stays above the 70 level, Solana price could extend the gains to the $25.40 level, filling all the orders and collecting liquidity resting above the mid-August highs. In a highly bullish case, the gains could extend into the supply zone at $26.22, with confirmation of a continuation likely to happen around the midline of the red order block at $26.84.

In the meantime, however, the ideal take profit level for conservative longs is around the $25.40 level, while stop losses should lie around $25.21.

Conversely, a rejection from the $25.40 level or profit booking could trigger a slump, sending Solana price below the immediate support at $22.51. In the dire case, the slump could extend to the $20.23 support level or lower to test the demand zone at $19.62. A break and close below the midline of the demand zone at $19.23 would confirm the continuation of the downtrend.

Do not fret, there is another token called BTCMTX that is definitely worth your attention. The token premiered for its presale only recently and has analysts very optimistic about it. Get in early as the coin will launch soon.

SOL Alternative

BTCMTX presents as the most promising alternative to SOL, presenting the Bitcoin Minetrix ecosystem. This is a tokenized cloud-mining platform where everyone can mine Bitcoin (BTC) in a decentralized fashion. The project is tokenizing cloud mining so that security and transparency are upheld. Specifically, the project eliminates risks due to third-party cloud mining scams by conferring control to the hands of BTCMTX holders.

#BitcoinMinetrix represents a tokenized cloud mining platform, empowering ordinary individuals to engage in decentralized $BTC mining.🪙

Effectively eliminating the threat of third-party cloud mining fraud and providing complete control over operations. 🔒 pic.twitter.com/xNcQokVrD5

— Bitcoinminetrix (@bitcoinminetrix) October 2, 2023

The project boasts a straightforward user experience where newcomers can access the platform easily. It is budget-friendly without any hardware costs, while at the same time eliminating all concerns relating to noise, space, and heat. These issues are commonplace in traditional mining. More importantly, upgrades are effortless.

Discovering the wonders of $BTC through #BitcoinMinetrix! ⛏

Cloud mining opens up a straightforward gateway to #Crypto:

✨ Seamless access for newcomers
💵 Budget-friendly with no hardware costs
🌆 No concerns about space, noise, or heat
🚀 Effortless upgrades pic.twitter.com/NyTQPO1tP3

— Bitcoinminetrix (@bitcoinminetrix) October 2, 2023

The project is in the presale stage, achieving milestones on an hourly basis. After an update on social media platform X that the project had breached the $300,000 milestone, the token is now targeting the $400,000 bar. Currently, more than $371,000 is already in the bank, with traders flocking to buy each BTCMTX token at $0.011. To join the community, buy BTCMTX using Ethereum (ETH), Tether (USDT), or your bank card.

Visit BTCMTX here