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Why is Solana (SOL) Price Up Today?

Solana (SOL) rallied by 4.5% in the past 24 hours, reaching $158.65. The price increase follows a bullish report from VanEck forecasting Solana could hit $330, coupled with favorable global monetary policies.

• Main Points:

  • SOL price rise driven by VanEck report: VanEck predicts Solana could reach $330, capturing 50% of Ethereum's market cap.

  • Global interest rate cuts: Loose monetary policies by central banks are boosting risk on assets like Solana.

  • Technical breakout: SOL broke above a key downtrend line, signaling continued bullish momentum.

• Detailed Insights:

  • SOL price rise driven by VanEck report: VanEck’s report highlights Solana’s superior transaction speed (3,000% faster than Ethereum) and cost-efficiency, driving investor sentiment. Daily active users and transaction fees also favor Solana over Ethereum.

  • Global interest rate cuts: Recent interest rate cuts by central banks, including the US Fed and the European Central Bank, have created a more favorable environment for riskier assets like Solana, as investors seek higher returns.

  • Technical breakout: Solana broke above a key resistance trendline on Sept. 26, continuing its upward trend. The next resistance is at the $165 and $174 Fibonacci levels, with strong support around $113–$125 from previous accumulation phases.

Related: 3 Reasons Why Bitcoin Struggles to Hold $64.5K

Solana’s breakout and VanEck’s bullish forecast are driving the current rally, positioning SOL for further gains if it sustains momentum above key resistance levels.

Q4 Crypto Rally Chances ‘Exceptionally High’ as Bitcoin Breaks $65K

Bitcoin’s recent breakout above $65,000 has increased the chances of a strong Q4 rally, according to analysts. Fear of missing out (FOMO) has returned to the altcoin market, with several top cryptocurrencies seeing significant gains.

• Main Points:

  • Bitcoin breaks $65,000: Bitcoin’s price surge has reignited FOMO in the altcoin market, fueling speculation of a bullish Q4.

  • Altcoins see gains: Altcoins like Sei, Wormhole, and Shiba Inu have surged, with Shiba Inu leading in South Korean trading volume.

  • Crypto Fear & Greed Index rises: The index has reached a “Greed” score of 61, signaling positive market sentiment.

  • Fed rate cuts drive interest: Lower interest rates make altcoins more attractive, adding momentum to the rally.

• Detailed Insights:

  • Bitcoin breaks $65,000: Bitcoin is trading at $65,424, according to CoinMarketCap. Analysts like Markus Thielen of 10x Research predict a strong Q4 rally, with gains likely to be “front-loaded” as investors flock to the market.

  • Altcoins see gains: FOMO is back in the altcoin market, with Sei up 37.79%, Wormhole gaining 32.83%, and Shiba Inu rising by 32.08%. Shiba Inu has seen a surge in popularity, especially in South Korea, where it has become a top-traded asset.

  • Crypto Fear & Greed Index rises: The index, which tracks investor sentiment, has climbed to 61, reflecting growing optimism as Bitcoin gains momentum.

  • Fed rate cuts drive interest: Thielen suggests that the Federal Reserve’s recent rate cut is boosting interest in high-beta altcoins. With traditional investments less appealing, more capital could flow into the crypto market, fueling further gains.

Related: Ethereum Bulls and Bears Battle Over $2.8B ETH Options Expiry

Bitcoin’s breakout and rising altcoin speculation signal that Q4 could be a pivotal period for crypto, with analysts predicting even greater gains in the months ahead.

$8 Billion in Bitcoin Options Expire Tomorrow—What to Expect

Bitcoin has topped $65,000, but an $8 billion options expiry on Friday may bring volatility. This is the second-largest options expiry of the year, and how traders manage their positions could influence Bitcoin’s short-term price action.

• Main Points:

  • $8 billion options expiry: Bitcoin faces a significant options expiry tomorrow, with $5.8 billion on Deribit alone.

  • In-the-money contracts: Around 28% of call options and 9% of put options are currently in the money.

  • Potential $1 billion profit for bulls: At current prices, bulls stand to gain around $1 billion from the expiry.

  • PCE report adds uncertainty: A key inflation report, the Personal Consumption Expenditures (PCE), will also be released on Friday, adding to market uncertainty.

• Detailed Insights:

  • $8 billion options expiry: Bitcoin’s second-largest options expiry of the year arrives tomorrow, with $5.8 billion worth of contracts on Deribit alone. This may create price swings as traders adjust or close their positions.

  • In-the-money contracts: Approximately 28% of call options (which allow buying at a set price) and 9% of put options (allowing selling at a set price) are in the money, meaning a large portion of traders could profit at current prices.

  • Potential $1 billion profit for bulls: According to BRN analyst Valentin Fournier, bulls could secure $1 billion in profit if Bitcoin holds near $65,000. Some traders may roll over their positions, potentially injecting liquidity back into Bitcoin.

  • PCE report adds uncertainty: The U.S. Bureau of Labor Statistics will release the Personal Consumption Expenditures report on the same day, which could influence investor sentiment and market dynamics alongside the options expiry.

Related: Bitcoin on the Brink as Legendary Trader Peter Brandt Warns of Ominous Pattern

Bitcoin traders should brace for potential volatility as options expiry and the PCE report create a pivotal moment for the market’s short-term direction.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results