Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL’s price broke above a key resistance level, reigniting bullish sentiment among investors and traders who believe the cryptocurrency is soon poised to regain higher targets.
Solana breaks above the key resistance level
After the long-awaited interest rate cuts from the US Federal Reserve (Fed), the crypto market recovered by 5% in the past 24 hours. Most cryptocurrencies have recorded green numbers over the past day, recovering from their performance over the past few weeks.
Solana, the fifth-largest cryptocurrency by market capitalization, regained momentum on Thursday after regaining a key level. The token had failed to break the $140 resistance level in September and has been consolidating between the $130-$139 price range in recent weeks.
SOL had recorded a weekly decline of 7% on Wednesday, alarming many investors and market observers. Some crypto analysts believed that the token’s recent performance indicated a possible correction that could drive the token’s price to a yearly low.
Seasoned trader Peter Brandt suggested that the cryptocurrency could see a significant correction from the $80 support zone if it continues to retest this resistance level without success.
Nevertheless, SOL’s price recovered from the disappointing performance and rose more than 10% in the last 24 hours. The cryptocurrency crossed the $140 mark on Thursday morning, breaking out of a two-month downtrend.
The price increase represented increases of 5.4% and 8.3% in the weekly and biweekly time frames. Furthermore, daily market activity increased by 81.3% over the past day, with a daily trading volume of $3.76 billion.
Experts set the following goals for SOL
Some analysts highlighted Solana’s performance, suggesting the cryptocurrency is ready to aim for higher goals. Crypto analyst Jelle stated that Solana has significantly outperformed most altcoins in the higher time frames.
Other market watchers previously noted Solana’s strength since the start of the third quarter. During the market pullbacks, the cryptocurrency was considered “one of the strongest assets” after going sideways, while other tokens hit new lows.
Jelle emphasized that SOL’s price still “holds all major support levels, even though most altcoins are down >50% from highs.” In fact, Solana has remained above the $120 support zone since March, currently down 31% from the March highs.
This also applies to crypto analyst Yuriy considers SOL’s recent performance has paved the way for a break above the USD 150 resistance level. However, he warned that bulls should hold the USD 138 mark as failure to hold this support could lead to a correction towards the USD 120 level.
The analyst believes that a successful breakout will then send SOL’s price towards the USD 160 resistance zone, possibly moving towards the USD 180-200 targets. At the time of writing, SOL is trading at $143.3, up 12.2% in the last 24 hours.
