Solana (SOL) experienced a substantial 10% boost on Thursday, crossing a crucial resistance level and revitalizing bullish sentiments among traders. This rally aligns with the broader crypto market's 5% rebound following US Federal Reserve rate cuts, indicating a positive shift in investor confidence.
SOL, the fifth-largest cryptocurrency by market capitalization, climbed above the $140 resistance, overcoming its recent 7% weekly decline. The token had been consolidating between $130-$139 throughout September, leading some analysts to predict potential corrections to lower levels, such as $80.
Despite earlier concerns, Solana's price surged over 10% in the past 24 hours, breaking a two-month downtrend and recording an 81.3% increase in daily trading activity. Analysts like Jelle noted Solana's resilience compared to other altcoins, maintaining key support levels even amid broader market retraces.
Crypto analyst Yuriy suggested that SOL could target $160 next, provided it holds the $138 support level. Failure to maintain this support may lead to corrections toward $120. Currently, SOL is trading at $143.3, marking a 12.2% rise in the last 24 hours.
