Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains

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. Related Reading: Avalanche (AVAX) Rallies On Fed Rate Cut, DeFi Growth Boosts Long-Term Outlook 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 fact that the recent rally by SOL already has many traders hoping that it might actually be sustainable leaves much to do. Indeed, the token had been stuck below the strong resistance levels of $140, trying to break them for a few days before the rally. This policy change may have been exactly what Solana needed to break two-month declines and push for broader market adoption. Can Solana sustain this momentum or is the rally short-lived? investors ponder on their next moves. Technical Indicators And Breakout Potential Currently, Solana’s technical indicators are strengthening considerably. Many experts believe that it should do great in the coming days. Crypto analysts stated that SOL has shown reasonable toughness given the immense performance against most altcoins on higher timeframes. $SOL#Solana is poised for a breakout to $150, but the bulls need to hold $138. If successful, the next targets are $160 and potentially $180-$200. A correction below $120 could lead to a drop toward $105. pic.twitter.com/C1PinLTlLQ — Yuriy

Sep 22, 2024 - 06:00

Solana Jumps 10% As Fed Eases Rates, Analysts Eye Even Higher Gains

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 fact that the recent rally by SOL already has many traders hoping that it might actually be sustainable leaves much to do. Indeed, the token had been stuck below the strong resistance levels of $140, trying to break them for a few days before the rally.

This policy change may have been exactly what Solana needed to break two-month declines and push for broader market adoption. Can Solana sustain this momentum or is the rally short-lived? investors ponder on their next moves.

Technical Indicators And Breakout Potential

Currently, Solana’s technical indicators are strengthening considerably. Many experts believe that it should do great in the coming days. Crypto analysts stated that SOL has shown reasonable toughness given the immense performance against most altcoins on higher timeframes.

$SOL #Solana is poised for a breakout to $150, but the bulls need to hold $138.
If successful, the next targets are $160 and potentially $180-$200.
A correction below $120 could lead to a drop toward $105. pic.twitter.com/C1PinLTlLQ
— Yuriy Read More