Solana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. Analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as “Uptober” approaches.
Solana’s rally started last week following the market surge driven by the US Federal Reserve’s rate cuts. The jump pushed the cryptocurrency’s price above the $140 resistance level, successfully turning it into support. This performance alarmed many investors, who considered the cryptocurrency was in danger of a massive correction.
Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier. On Friday, Solana broke above the crucial $160 resistance level for the first time in a month. This bullish performance was fueled by the positive market sentiment following Binance’s founder Changpeng Zhao’s early release.
Analysts like Crypto Horn Harris highlighted Solana’s strong technical indicators, suggesting the cryptocurrency will challenge the cycle’s high above $200 soon. Others, like WiseAnalyze and Matthew Dixon, predicted both the potential for further gains and the possibility of a retrace.
Crypto analyst Byzantine General noted Solana’s potential for a breakout toward $200 if it successfully reclaims the key support level, indicating Solana’s price “could go really nuts.”
