Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL’s 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 token’s recent performance hinted at a possible correction that could drive the token’s 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, SOL’s 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 Solana’s 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 Solana’s strength since Q3 started. During the market retraces, the cryptocurrency was deemed “one of the strongest assets” after moving sideways while other tokens made new lows.
Jelle highlighted that SOL’s price still held “all key support levels even though most altcoins are down >50% from the highs.” Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from March’s highs.
Similarly, crypto analyst Yuriy
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