Solana (SOL) has been on an impressive rally, gaining over 20% in the past week. Let’s break down the key events driving this surge and what could happen next in terms of Solana price prediction.

SOL’s Recent Price Surge

• Solana hit a high of $157.8 on October 14, 2024, just shy of the $160 mark.
• However, it faced some early profit-taking, which caused a price drop to $155.
• Despite this pullback, SOL remains in a bullish trend with strong support from long-term stakers.

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Strong Staking Support

• Over $2 billion in SOL tokens have been staked, showing solid confidence from long-term holders.
• This long-term staking adds a layer of stability to Solana’s price, even as short-term fluctuations occur.

Key Support and Resistance Levels

• Solana’s price is consolidating around the $150 support level.
• If the price breaks above $160, it could push towards $165 in the near term.
• On the downside, a break below $150 may lead to a retest of lower support around $144.

FTX’s SOL Transfers Raise Concerns

• FTX has redeemed large amounts of SOL from its staking address, with transfers expected to flow to major exchanges like Binance and Coinbase.
• This pattern of SOL transfers aligns with FTX’s previous monthly activity, often leading to increased selling pressure.