As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of bull runs and bear markets. The recent surge in Solana (SOL) has caught my attention, particularly given its break above the key resistance level at $140.
On Thursday, Solana (SOL) surged by 10%, propelling it into the ongoing crypto market rally. This upward movement allowed SOL’s price to exceed a significant resistance barrier, which has sparked renewed optimism among investors and traders. Many believe that Solana is about to reach even higher goals soon.
Solana Breaks Above Key Resistance Level
After the expected reduction in interest rates by the U.S. Federal Reserve (Fed), the crypto market saw a surge of approximately 5% over the last 24 hours. The majority of cryptocurrencies have shown positive growth in the recent day, bouncing back from their performance over the past few weeks.
On Thursdays, Solana, ranked fifth among cryptocurrencies by market capitalization, picked up speed once again following its successful reestablishment of a significant threshold. This critical level had proven challenging for the token to surpass at around $140 throughout September, instead finding itself fluctuating within the price range of $130 to $139 over the past few weeks.
By midweek, SOL experienced a 7% decrease in value, causing concern among investors and market observers. Cryptocurrency experts speculated that this trend might indicate an upcoming adjustment, potentially pushing the token’s worth down to its lowest point for the year.
Experienced investor Peter Brandt proposes that the cryptocurrency might experience a substantial drop towards the $80 support area if it keeps testing this resistance level without success.
Despite a lackluster start, SOL‘s value surged more than 10% within the past day. On Thursday morning, it even managed to surpass the $140 milestone, ending a two-month trend of decline.
Over the course of a week and two weeks, the price experienced a rise of 5.4% and 8.3%, respectively. Furthermore, there was a significant spike in its daily market activity, jumping by 81.3%. This increase happened within the past day, with a trading volume of $3.76 billion for that particular day.
Experts Set Next Targets For SOL
According to certain experts, Solana’s strong showing indicates it might be poised to reach even greater heights within the cryptocurrency market. As per crypto expert Jelle, on larger time scales, Solana outperforms many other altcoins significantly.
Market analysts have frequently pointed out Solana’s resilience since the third quarter commenced. In periods when the market experiences downturns, this digital currency has been recognized as one of the most robust assets due to its ability to hold steady amidst a general trend of other tokens reaching new lows.
Jelle pointed out that despite a significant drop in the prices of most altcoins, exceeding 50% from their peaks, Solana’s price has managed to maintain its crucial support levels, specifically remaining above $120 since March. Currently, Solana is 31% lower than its March highs.
Likewise, crypto analyst Yuriy believes SOL‘s recent trend is preparing for a surge beyond the $150 barrier. Yet, he cautions that bulls must defend the $138 position, or else a drop back to $120 might occur if this support isn’t maintained.
According to the analyst’s prediction, if SOL manages a successful breakout, its price could surge towards the anticipated resistance zone around $160, with further potential targets set between $180 and $200. At present, Solana (SOL) is being traded at $143.3, representing a 12.2% rise over the past 24 hours.
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2024-09-20 10:16