Solana Breakpoint conference delivers 20% gain for SOL holders this year as four-day gathering concludes

• Solana price rallied 20% between October 30 and November 3, moving from $32.91 to the current price of $39.41.
• During the four-day conference, SOL established a peak of $46.90 before a quick retracement as traders booked early profits.  
• Bulls failing to defend the $37.77 support level could see the altcoin spiraling 20%, potentially invalidating the bullish outlook below $32.70.
• Notably, a similar event in 2022 was followed by a 23% crash.

Solana Breakpoint conference, a four-day event that began on October 30, has come to its end, with chatter on Crypto X indicating it was a success. 

“We had high expectations and the teams blew us all away,” said one of the attendees on Crypto X.

Also Read: Solana Breakpoint conference could be saving grace for RNDR holders as Render price eyes 6% fall

Solana Breakpoint conference concludes

Solana Breakpoint conference has completed its four-day run, with positive reviews from attendees after what seems to have been an insightful and engaging event. With a massive guest list featuring developers, creators, ecosystem executives, and innovators, the gathering gave industry players the platform to showcase their innovations to the world.

Meanwhile, hype around the event has left SOL holders with a 20% profit after the token’s market value increased from $32.91 to the current price of $39.41. The surge is associated with the “buy the rumor, sell the news” scenario, suggesting Solana price may be due for a significant correction.

Solana price prediction as Breakpoint-related hype dies down

Solana price is down almost 3% in the last 24 hours, with trading volume recording a 40% slump, likely associated with the calm post-conference. Notably, the previous Breakpoint conference was followed by a 23% crash, and now SOL could be headed to the same fate.

For starters, SOL is already overbought, with the Relative Strength Index (RSI) recording a reading of 78. Its inclination to the south shows momentum is already falling, and if the trajectory continues, the momentum indicator could soon activate a sell order by crossing below the signal line (yellow band).

Traders heeding the call to sell SOL could open the drains for Solana price, sending it below the $37.77 support level, or lower, to write off all the ground covered with the conference by breaking below $32.70.

In the most dire case, the slump could extend enough that Solana price could break below critical support at $26.89, flipping it into a resistance level and invalidating the bullish outlook in the process. Such a move would constitute a 30% fall below current levels.

A prolonged seller momentum could send Solana price to test the support offered by the ascending trendline at $20.00, or worse, flip this too into a resistance barrier as it heads toward the $17.17 support floor.

SOL/USDT 1-day chart

On the flip side, a resurgence by the bulls could see Solana price recover above the $41.25 level in an attempted move to reclaim the range high at $46.90. In a highly bullish case, the price could stretch to record a new range high above the $48.55 level.