The fifth largest cryptocurrency by market cap, Solana (SOL), has once again come into the limelight since it saw a significant breakout in its price recently. The token rose by over 10% amid the Federal Reserve rate cuts, once again drawing the attention of investors and getting all the talk about its price breakout.
Since Solana has reached the $151 mark after weeks of trading in the narrowed range of $130 to $139, analysts are now keeping an eye on what is going to come next. The recent rally by SOL has many traders hoping that it might actually be sustainable.
Technical indicators show significant strength. Crypto analysts believe SOL should perform well short-term. If Solana surpasses $138, targets include $160 and potentially $180-$200. A correction below $120 could lead to a drop toward $105.
Veteran trader Peter Brandt echoed similar sentiments, noting $120 as long-term support. He suggested that holding this position could become a springboard for a "sizeable advance."
Market sentiment around Solana is cautiously optimistic with a mix of bullish and neutral indicators. The Fear & Greed Index shows a neutral 54, implying some caution among traders. Solana's resilience is evident, spending 14 of its last 30 days in the green.
Price volatility in the token stands at 6.60%, indicating anticipation of changes but an overall ascending trend. Investors may find this an opportune time to enter the market as Solana maintains its significant momentum.
