Cryptocurrencies Price Prediction: Solana, Bitcoin & SPX6900 — Asian Wrap 06 October
|Solana Price Forecast: SOL bulls aiming for record highs as on-chain and derivatives data turn positive
Solana (SOL) is trading in green above $230 at the time of writing on Monday, having gained nearly 9% in the previous week. Strengthening on-chain metrics and bullish derivative data signal rising investor confidence, with bulls setting their sights on the all-time high near $296.
Bitcoin price soared more than 10% last week, reaching a new all-time high of $125,708 on Sunday. At the time of writing on Monday, it trades at around $123,800. If BTC continues its upward trend, it could extend the rally toward the key psychological level at $130,000. The Relative Strength Index (RSI) on the daily chart reads 71, above the overbought conditions and pointing upward, suggesting strong bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) also showed a bullish crossover last week. Additionally, the rising green histogram bars above the neutral level further indicate a bullish momentum and continuation of an upward trend.
Top Crypto Gainers: SPX, MNT, INJ put a strong start to the week
SPX edges higher by almost 1% at press time on Monday, extending the uptrend for the sixth consecutive day. The meme coin’s rally also marks a breakout from a falling channel pattern on the daily chart, influencing a bullish cross in the 50-day and 100-day Exponential Moving Averages (EMAs), signaling a stronger short-term recovery. The SPX rally approaches the 1.272 Fibonacci extension level at $1.6950, drawn from the $1.4804 peak from September 17 to the $0.9000 low from Tuesday. A clean push above this level could further stretch the rally to the 1.618 Fibonacci extension level at $2.0135.
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