• Solana (SOL) is trading around $196, with indicators RSI, MACD showing weak momentum.
• Analyst forecasts a long-term rally towards $1300, which is unlikely to be achieved in the short term, but can unfold gradually.
• Coincodex forecasts point October maximum high of $207.67, suggesting a stable but range-bound month.

Solana (SOL), the fastest and most scalable blockchain, is known for its high performance and low fees, making the coin the most favourite among developers. Solana has now become one of the leading coins for decentralized applications, NFTs, and DeFi projects.

In this article, we are going to observe its current market status and its potential to reach the target of $1300. At press time, the coin is trading at $195.96 with a slight decline of 0.53%.

Solana Gears Up For A Breakout

According to a tweet shared by crypto analyst Ali Martinez, there are signs of a breakout to $1300. Based on his TradingView analysis, after a staggering 3,700% rally, Solana could be gearing up for a bullish trend. It may increase the price up to $1300 and can continue its growth trend.

The tweet highlights two scenarios: there may be a chance of a drop in price to $50 or a breakout. Overall, the chart points to a more bullish outlook for this October.

Momentum Showing For A Short-Term Bounce

According to the chart from TradingView, the coin’s current price is $195.96, and it is trading near the key resistance is of $221. The coin has recently bounced from $178, which is a strong support. This signals buyers are stepping in, preventing a big correction. The price is just below the $221 resistance, pointing to the short-term remaining neutral. A breakout above $221 can spark a bullish rally.

The indicators like RSI and MACD are signalling a bullish trend. The $1,300 can be considered a long-term goal. October can lead the rally to $230 if the price increases.

Also Read: Solana’s Price Action Sparks Optimism: Is a $210 Rally on the Horizon?

Forecasts show Oct High Around $207.67

According to data from Coincodex, Solana will trade around the $200 mark in October, with a limited upside potential. It shows only limited upside potential. The maximum price that the coin can reach in October is $207.67 with a modest ROI of 0.64%. It is possible that for Solana to keep the momentum near $195 and $210 until a strong bounce takes place. Even in the times of neutral momentum, analysts remain optimistic about Solana’s long-term performance.

In simple terms, the overall outlook remains optimistic. The market sentiments point to the investors’ confidence in its long-term performance. Based on the current scenario and technical indicators, reaching $1300 in the short term is unlikely. But it seems possible in the long term. The analyst forecast showcases its strength and resilience of the network. It still continues its position as one of the most promising assets for future expansion and growth.

Also Read: As Solana And BNB Struggle, Pepeto Stands Out as the best crypto to buy now