The cryptocurrency market is witnessing growth in October 2024. Bitcoin has surpassed the $68,000 resistance, inspiring altcoins like Solana (SOL) to rally. This article explores the recent price changes in SOL and factors influencing its further movement.

Solana Amid Altcoin Rally

As October progresses, known in the crypto community as “Uptober,” green signals are evident in the market. Bitcoin inspired an altcoin rally by breaking the $68,000 resistance level. The total market capitalization has increased to $2.44 trillion, with Bitcoin dominating at 55%. Solana experienced a mixed week: after hitting $158, the price fell by over 4% due to reduced network activity and a market cooldown.

Solana Price Prediction for October 2024

Despite the midweek dip, Solana regained 5% on Friday, driven by optimism around the Firedancer validator from Jump Crypto, designed to enhance Solana blockchain performance. This has boosted confidence in SOL's growth potential.

Critical Resistance and Support Levels for Solana

At the time of writing, Solana's price is hovering around $154, facing resistance at $155. Critical support stands at $141, and a breach below could lead to further declines. However, if SOL breaks above $165, it could rally towards $185.

While short-term volatility persists, the upcoming launch of Firedancer by Jump Crypto in 2025 adds long-term optimism for Solana's growth. Breaking the $160 level could confirm continued upward momentum.