Solana (SOL) has joined the recent crypto market rally, surging 10% on Thursday. This price movement saw SOL breaking above a critical resistance level, renewing bullish sentiment among investors and traders. Many believe the cryptocurrency is now poised to achieve higher targets.
Solana Breaks Above Key Resistance Level
The crypto market experienced a 5% rebound in the last 24 hours following the anticipated rate cuts by the US Federal Reserve (Fed). Most cryptocurrencies have shown positive performance, recovering from the past few weeks’ downtrend.
Solana, the fifth-largest cryptocurrency by market capitalization, regained its momentum on Thursday by surpassing a key resistance level. Throughout September, SOL struggled to break above the $140 level, remaining in a consolidation phase between $130 and $139.
By Wednesday, SOL had recorded a 7% weekly drop, causing concern among investors and market observers. Some analysts speculated that this decline might indicate a potential correction, possibly driving the token’s price to a yearly low.
Veteran trader Peter Brandt suggested that Solana might face a significant correction to the $80 support zone if it continued to fail in retesting the resistance level. However, SOL’s price rebounded strongly, jumping over 10% within the last 24 hours. This upward movement allowed the cryptocurrency to break free from a two-month downtrend, surpassing the $140 mark on Thursday morning.
This price surge resulted in a 5.4% increase over the weekly timeframe and an 8.3% rise over the biweekly period. Additionally, Solana’s daily market activity soared by 81.3% in the past day, with a trading volume reaching $3.76 billion.
Experts Set Next Targets For SOL
Analysts have taken note of Solana’s impressive performance, suggesting that the cryptocurrency is now ready to target higher price levels. Crypto analyst Jelle emphasized that Solana has outperformed most altcoins in higher timeframes.
Market observers have noted Solana’s resilience since the beginning of Q3. Even during market retracements, the cryptocurrency was considered one of the strongest assets, maintaining stability while other tokens reached new lows.
Jelle pointed out that SOL has held all key support levels, despite many altcoins being down over 50% from their peaks. Solana has managed to stay above the $120 support zone since March, currently being 31% below March’s highs.
Similarly, crypto analyst Yuriy believes that SOL’s recent performance sets the stage for a potential breakout above the $150 resistance level. However, he cautioned that bulls must hold the $138 support level to avoid a correction back to $120.
Yuriy predicts that a successful breakout could propel SOL’s price to the $160 resistance zone, with the potential to move towards the $180-200 range. As of this writing, SOL is trading at $143.3, marking a 12.2% increase in the past 24 hours.
