SOL pumps 7%, records highest daily close since FTX went down as Solana Breakpoint conference commences

• Solana price is up 7%, with a trading volume surge of 150% in the last 24 hours.
• With the surge, SOL tested the $35.33 level last tested days before FTX implosion.
• Solana Breakpoint conference begins on Monday as ecosystem developers come together on governance matters.  

Solana (SOL) price is trading with a pronounced bullishness after completing its recovery rally during the October 21 trading session. An uptrend looks to be taking place for the self-proclaimed Ethereum-killer, steered by hype around a key event in its ecosystem.

Also Read: Solana Price Forecast: SOL holders need to exercise patience to capitalize on 40% rally

SOL pumps with Solana Breakpoint conference hype

SOL token is trading at $34.85 at the time of writing, coming on the back of a broader market uptrend with Bitcoin (BTC) leading cryptocurrencies north. More closely, however, trading activity in the SOL market is up a staggering 150% as traders hype the Solana Breakpoint meetup.

The event, lasting from October 30 to November 3, brings together Solana builders in Amsterdam, Netherlands, for the community’s annual celebration. The event has a massive guest lineup, comprising various crypto executives, with developers, artists, content creators, policymakers (nonprofit and government) and students also expected to attend.

Among the issues of interest that may be discussed are FTX and Alameda Research, the failed entities of Sam Bankman-Fried that have demonstrated plans to sell up to $60 million worth of Ethereum, Solana and other assets.  

In another report, around 469,587 SOL tokens worth around $15.2 million were moved to Binance and Coinbase exchanges by FTX exchanges, as part of the defunct exchange’s plan to liquidate its cryptocurrency holdings. 

Solana price forecast: SOL holders’ eyes peeled on Breakpoint event

Solana price is up almost 7% in the last 24 hours, with technical indicators suggesting the altcoin’s upward potential is not yet exhausted. The price is testing the crucial resistance at $35.26, a level last seen a day before the implosion of Sam Bankman-Fried’s crypto empire.

Increased buying pressure could see Solana price breach the $35.16 hurdle, with the potential to extrapolate to the $40.00 psychological level. Such a move would denote a 15% climb above current levels.

The position of the Relative Strength Index (RSI) above the 70 level shows SOL is massively overbought. However, this does not warrant selling, considering the momentum indicator remains northbound. The Awesome Oscillator (AO) is also bullish, moving in the positive territory with pronounced histogram bars.

SOL/USDT 1-day chart

Data from behavior analysis tool Santiment corroborates the bullish outlook and points to a significant rise in volatility, social dominance, and open interest for SOL. Together, these metrics show that investors anticipate strong moves for Solana price, with the odds favoring the upside. 

SOL Santiment

On the other hand, after the epic run, traders who bought SOL at $30.10 or the multiple entry points lower are likely to start selling. The ensuing selling pressure could see Solana price retrace the aforementioned level or break below it and potentially flip the $28.00 psychological level back to a resistance level.

In the dire case, Solana price could dip into the order block representing the bullish breaker, which extends from $27.46 to $26.33. A solid move below the midline of this zone at $26.87 would clear the clog, with SOL market value likely spiraling to the $20.00 psychological level. Such a move would constitute a 40% slump below current levels.