The crypto market started October on a positive note due to a sharp increase in Bitcoin's price, affecting other major altcoins.

Crypto Market Rise

Bitcoin's price reached a crucial resistance level of $68,000, causing other altcoins to follow the positive trend. The market reached an overall capitalization of $2.44 trillion, with Bitcoin dominance at 55% and Ethereum at 13%. Solana experienced mixed results this week, with a price drop over 4% due to a decline in network activity and a cooling off after Bitcoin's rally. However, on Friday, Solana's price increased by 5% due to optimism regarding the Firedancer validator by Jump Crypto.

Bullish Signals for Solana

According to CoinGlass, Solana's trading volume surged 24.88% on Friday, reaching $4.76 billion. This signals rising confidence and interest in SOL, which could positively impact its price. At the time of writing, Open Interest shows a minor 1% decrease to $2.42 billion, still indicating investor confidence. In the long-term, the anticipated mainnet launch of Firedancer in 2025 could strengthen Solana's position.

Solana Price Prediction

Currently, SOL is traded at $153.84, struggling to break through the $155 resistance level. The critical support level is at $141, and a breach may trigger a sharper decline. If momentum is maintained, the price could reach $165, signaling a potential further rise to $185 under favorable conditions. Breaking above $160 is necessary to confirm the upward trend.

The crypto market shows optimism amid Bitcoin's rise. Although Solana shows indecisive movements, long-term prospects remain positive due to technological innovations.