Solana (SOL) has recently experienced a surge in price, climbing 10% on Thursday and breaking above a key resistance level. This positive momentum has reignited bullish sentiment among investors and traders, who are now eyeing higher targets for the cryptocurrency.
The crypto market as a whole rebounded by 5% in the last 24 hours following the highly anticipated US Federal Reserve rate cuts. Most cryptocurrencies have seen green numbers, recovering from their recent performance over the past few weeks. Solana, as the fifth-largest cryptocurrency by market capitalization, regained momentum after reclaiming a key level that it had struggled to break above throughout September.
Earlier in the week, SOL had faced a 7% weekly drop, sparking concerns among investors and analysts about a possible correction that could drive the token’s price to a yearly low. Seasoned trader Peter Brandt even suggested that a failure to break above the $140 resistance level could lead to a significant correction to the $80 support zone.
However, Solana’s price rebounded impressively, surging over 10% in the last 24 hours and surpassing the $140 mark on Thursday morning. This breakout marked a 5.4% increase in the weekly timeframe and an 8.3% increase in the biweekly timeframe. Daily market activity also saw a substantial uptick, with a trading volume of $3.76 billion.
Analysts are now setting their sights on higher targets for SOL. Crypto analyst Jelle noted that Solana has outperformed many altcoins in higher timeframes and has shown strength since the beginning of Q3. Despite market retraces, SOL has remained above key support levels, with Jelle highlighting its resilience above the $120 support zone since March.
Yuriy, another crypto analyst, believes that SOL’s recent performance has paved the way for a breakout above the $150 resistance level. However, he cautioned that maintaining the $138 support level is crucial to avoid a correction to $120. A successful breakout could propel SOL towards the $160 resistance zone and potentially set it on a path towards $180-200 targets.
As of the latest update, SOL is trading at $143.3, reflecting a 12.2% increase in the last 24 hours. The cryptocurrency’s strong performance and bullish momentum have captured the attention of investors and traders, who are eagerly anticipating further price movements in the coming days.