Solana has just pushed Tether out of the way to reach the fourth position by market cap before slipping to the fifth position just before Cardano. Meanwhile, Coinshares has recorded an inflow of up to $15 million of Solana investment products a week ago. In total, when it comes to Solana assets under management, the numbers have reached $200 million.
When it comes to DeFi and NFTs, Solana is also doing very well, being the third-largest blockchain with the TVL standing at $14.86 million in DeFi protocols that are now running on the Solana ecosystem. DapperRadar has also registered $240 million in NFT trades in October.
On top of all this success, there is an event that may push the price of the SOL token even more – the Inaugural Breakpoint Conference by the Solana Foundation.
SOLANA Price Prediction: Weekly Chart
“A sneak-peek into the monthly time frame reveals that we may be seeing an astronomical surge in the price of the SOL token in the second half of Q4 ’21.”
Still, there are threats of a regular bearish divergence on the weekly chart presented above which means we should be careful of a bull-trap above the current ATH if the RSI would continue to show values below level-98.
SOL Price Prediction: Daily Chart
The daily time frame is also following a path that is similar to the weekly time frame, flagging a regular bearish divergence with the RSI indicator.
“Higher RSI values above level-25 also confirm an uptrend for the SOLUSDT as we look out to buy the correction levels from the 4HR time frame.”
SOLANA Price Prediction: 4 Hr Chart
The intraday 4HR time frame has already signaled correction levels at two instances – $176.96 and $183.31.
“More recently, the SOLUSDT closed above the 25 October 12:00 resistance and could probably flip it into a new support level. Traders may have to move to a lower 45MINS or 1HR time frame to catch scalping opportunities.”
Looking at all of this, it is clear that SOLUSDT is on an uptrend on numerous time frames, but we shouldn’t ignore the bearish divergence signals on the weekly time frame which could make its appearance known by the end of Q4.