• Analysts mention multiple reasons for possible gains for Solana in October. Some of them are the NFT Revival, Partnership Announcement, and Macro Tailwinds.
• The technical indicators and analyst predictions point towards a bullish momentum for SOL in October.

After having an impressive gains chart in September, Solana (SOL) has been keenly watched for how it will perform in the coming month, December. At the time of writing, the coin is trading at $211.87, with a rise of 2.74%. The altcoin has a market cap of $115.18 billion and a volume of $6.96 billion.

Also Read: Solana Consolidates Above $200 as Analysts Target $285 and $330 Breakout

October Outlook: Reasons for Optimism for Solana

Analysts mention multiple reasons for possible gains for SOL in October. Some of them are the renewed feelings that SOL-based NFT networks like Magic Eden provide. Another is the supposition that there might be a potential partnership happening between Solana Labs and a large global payment provider. Another major reason is the liberal interest rate expectations for SOL.

According to the data provided by CoinCodex, the coin might have an average price of $ 224.43 and a maximum price of $ 231.39 in the month of October. The month also shows a potential ROI of 8.75%. We can also see that while September is coming to a climax, the coin has almost reached its predicted maximum price of $213.83 in September and crossed the average price of $210.19 given by CoinCodex.

Technical Indicators and Social Sentiment

The coin is experiencing resistance (blue) at $214.25 and can boost up to $220 if it goes beyond the resistance level. The support level (yellow) of SOL is at $205.11 and can dip to $200 if the goes further down than the support level. The moving average indicator shows a short-term bearish scenario for the coin since the MA line is above the candlesticks. The moving average convergence divergence indicator shows a bullish trend for the cryptocurrency since the MACD line (blue) is above the signal line (orange).

CoinMarketCap gives data where it shows a huge85% of traders believe that the coin will have a bullish trend in the coming days. The remaing 15% doubt on a bearish scenario for the SOL. These social sentiments can dictate a coin’s future; likewise, they can dictate SOL’s October. The technical indicators and analyst predictions point towards a bullish momentum for the coin in October.

Also Read: Solana Price Gains as Canary Capital Files SEC ETF Proposal for SOL