Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next?
20 Setembro 2024 - 4:00AM
NEWSBTC
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. Related Reading: October To Remember: Descending
Broadening Wedge Says Bitcoin Is Going To $90,000 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. Related Reading: Will Bitcoin Bullish Swing
Continue? Top Analyst Says Yes Similarly, crypto analyst Yuriy
considers SOL’s 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 SOL’s 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. Featured Image from Unsplash.com, Chart from
TradingView.com
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