{"id":643256,"date":"2024-09-20T07:00:07","date_gmt":"2024-09-20T07:00:07","guid":{"rendered":"https:\/\/ktsl888.com\/?p=643256"},"modified":"2024-09-19T19:47:06","modified_gmt":"2024-09-19T19:47:06","slug":"solana-sol-flies-12-to-reclaim-140-is-160-next","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/solana\/solana-sol-flies-12-to-reclaim-140-is-160-next\/","title":{"rendered":"Solana (SOL) Flies 12% To Reclaim $140, Is $160 Next?"},"content":{"rendered":"

Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL\u2019s 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.<\/p>\n

Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000<\/a><\/div>\n

Solana Breaks Above Key Resistance Level<\/h2>\n

Following the highly anticipated US Federal Reserve (Fed) rate cuts, the crypto market rebounded<\/a> 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.<\/p>\n

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.<\/p>\n

SOL had registered a 7% weekly drop by Wednesday, which alarmed<\/a> many investors and market watchers. Some crypto analysts considered the token\u2019s recent performance hinted at a possible correction that could drive the token\u2019s price to a yearly low.<\/p>\n

Seasoned trader Peter Brandt suggested<\/a> that the cryptocurrency could face a significant correction to the $80 support zone if it unsuccessfully continued retesting this resistance level.<\/p>\n

Nonetheless, SOL\u2019s 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.<\/p>\n

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.<\/p>\n

Experts Set Next Targets For SOL<\/h2>\n

Some analysts highlighted Solana\u2019s 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.<\/p>\n

Other market watchers previously noted<\/a> Solana\u2019s strength since Q3 started. During the market retraces, the cryptocurrency was deemed \u201cone of the strongest assets\u201d after moving sideways while other tokens made new lows.<\/p>\n

\"Solana\"
SOL has held all major support levels since March. Source: Crypto Jelle on X<\/a><\/figcaption><\/figure>\n

Jelle highlighted that SOL\u2019s price still held \u201call key support levels even though most altcoins are down >50% from the highs.\u201d Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from March\u2019s highs.<\/p>\n

Related Reading: Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes<\/a><\/div>\n

Similarly, crypto analyst Yuriy considers<\/a> SOL\u2019s 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.<\/p>\n

The analyst believes a successful breakout will send SOL\u2019s 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.<\/p>\n

\"solana,
Solana’s performance in the weekly chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) joined the recent crypto market pump after climbing 10% on Thursday. SOL\u2019s 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\u2019s recent performance hinted at a possible correction that could drive the token\u2019s 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\u2019s 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\u2019s 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\u2019s strength since Q3 started. During the market retraces, the cryptocurrency was deemed \u201cone of the strongest assets\u201d after moving sideways while other tokens made new lows. Jelle highlighted that SOL\u2019s price still held \u201call key support levels even though most altcoins are down >50% from the highs.\u201d Effectively, Solana has remained above the $120 support zone since March, currently being 31% down from March\u2019s highs. Related Reading: Will Bitcoin Bullish Swing Continue? Top Analyst Says Yes Similarly, crypto analyst Yuriy considers SOL\u2019s 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\u2019s 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<\/p>\n","protected":false},"author":614,"featured_media":610298,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,26263,10923,85288,88477,89756,45305,12837,83626,86515,92708,83627],"class_list":["post-643256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-crypto-analyst","tag-crypto-market","tag-crypto-market-crash","tag-crypto-market-recovery","tag-crypto-trader","tag-fed-rate-cut","tag-sol","tag-solana","tag-solana-sol","tag-solana-bullish","tag-solusdt"],"acf":[],"yoast_head":"\nSolana (SOL) Flies 12% To Reclaim $140, Is $160 Next?<\/title>\n<meta name=\"description\" content=\"Solana (SOL) joined the market rebound with a 12% jump, reclaiming the key $140 resistance level 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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