Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOLโs price broke above a key resistance level, reigniting the bullish sentiment among investors and traders who believe the cryptocurrency is soon poised to reclaim higher targets.
Solana Breaks Above Key Resistance Level
Following the highly anticipated US Federal Reserve (Fed) rate cuts, the crypto market rebounded 5% in the last 24 hours. Most cryptocurrencies have registered green numbers in the past day, recovering from their performance in the past few weeks.
Solana, the fifth-largest cryptocurrency by market capitalization, regained momentum on Thursday after reclaiming a key level. The token had failed to break about the $140 resistance level throughout September, consolidating between the $130-$139 price range in the last few weeks.
SOL had registered a 7% weekly drop by Wednesday, which alarmed many investors and market watchers. Some crypto analysts considered the tokenโs recent performance hinted at a possible correction that could drive the tokenโs price to a yearly low.
Seasoned trader Peter Brandt suggested that the cryptocurrency could face a significant correction to the $80 support zone if it unsuccessfully continued retesting this resistance level.
Nonetheless, SOLโs price recovered from its disappointing performance, jumping over 10% in the last 24 hours. The cryptocurrency moved past the $140 mark on Thursday morning, breaking out of a two-month downtrend.
The price surge represented a 5.4% and 8.3% increase in the weekly and biweekly timeframes. Additionally, its daily market activity soared 81.3% in the past day, with a daily trading volume of $3.76 billion.
Experts Set Next Targets For SOL
Some analysts highlighted Solanaโs performance, suggesting that the cryptocurrency is ready to aim for higher targets. Crypto analyst Jelle stated that, in the higher timeframes, Solana has performed considerably better than most altcoins.
Other market watchers previously noted Solanaโs strength since Q3 started. During the market retraces, the cryptocurrency was deemed โone of the strongest assetsโ after moving sideways while other tokens made new lows.
Jelle highlighted that SOLโs price still held โall key support levels even though most altcoins are down >50% from the highs.โ Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from Marchโs highs.
Similarly, crypto analyst Yuriy considers SOLโs recent performance has set the stage for a breakout above the $150 resistance level. However, he warned that bulls must hold the $138 mark, as failing to maintain this support could lead to a correction to the $120 level.
The analyst believes a successful breakout will send SOLโs price to the $160 resistance zone next, potentially moving toward the $180-200 targets. As of this writing, SOL is trading at $143.3, a 12.2% increase in the last 24 hours.
