Solana performed exceptionally well in the October cryptocurrency market rebound. But cryptocurrency analyst FieryTrading believes this could be just the beginning for SOL price. According to the analyst, once Solana breaks the resistance level at $38, it is headed for another 150% increase.

Pushing Solana to past glory

Solana actually made its way to $39 over the last day before giving back some of its gains. But this did not eliminate the altcoin’s upward trajectory. In fact, SOL’s continued uptrend plays a role in FieryTrading’s forecast for the asset which places it at $100.

As the cryptocurrency analyst points out, there is heavy resistance for Solana around the $38 level, and this has been proven by the coin’s performance so far. Its initial move above this level was met with resistance that pushed it down towards $37 before resuming its rise again.

FieryTrading refers to this as an “important resistance area” where investors are expected to start taking profits. But a break above this level holds a lot of promise for SOL. The analyst expects an initial bounce above $40, a slight bounce, and then a rise to $100.

Source: Tradingview.com

A return to this $100 level would mean a return to 2021 bull market levels, essentially signaling the beginning of a bull market for Solana. However, there are still some hurdles to face as Bitcoin’s slowdown soon has a market-wide impact.

FTX Stash threatens SOL price

By now, it is no longer a secret that the bankrupt FTX exchange is one of the largest holders of SOL. Recently, the company got the green light from the courts to start selling some of its cryptocurrency holdings, and Solana is one notable asset in its stash.

As reported by NewsBTC, FTX ownership recently cashed out 1.6 million SOL tokens worth over $42 million. Now, there is no indication as to what FTX plans to do with these tokens but the likely outcome is that the property will start selling tokens on the open market.

If this happens, investors should expect significant selling pressure on the SOL price which could push it back down towards $30. This FTX stock remains one of the most bearish indicators for the altcoin that could stop its rally in its tracks.

However, Solana is still seeing a significant amount of interest from large institutional investors. CoinShares reported that Solana inflows from last week amounted to $23.9 million, bringing SOL’s total assets under management (AuM) to $214 million.

SOL breaks $38 resistance | Source: SOLUSD on Tradingview.com

Featured image from Shutterstock, chart from Tradingview.com