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#CryptoMarketWatch #OctoberMarketPredictiom
Solana (SOL): Ethereum's Strongest Competitor Became This Week's Shining Star.
Solana ($SOL) is steadily consolidating its position in the blockchain world thanks to its high efficiency and scalability. With a market capitalization of approximately $104.5 billion and a total value locked (TVL) exceeding $11.3 billion, Solana's DeFi ecosystem continues to grow unabated.
The recent approval of the Solana spot ETF in the US has generated significant market anticipation. Similar to the Bitcoin and Ethereum ETFs, such approval is expected to lead to a significant increase in institutional capital inflows.
Having fallen to as low as $100 in April, SOL is currently trading around $189. Recent improvements in regulation have boosted investor optimism about the outlook. On the technical side, the RSI is at 42 and the price's divergence from the 30-day moving average suggests SOL may currently be at attractive levels for long-term investment.
The token faces strong support around $150 and significant resistance at $250. Analysts predict that a break above this level could trigger a new major rally for Solana. In such a scenario, the price could retest its previous record of $293.31 or climb above $500 in a bull market.