Solana Soars 10% After Fed Rate Cuts, Analysts Predict Further Gains
- Following xpctd rt cuts, Solanas pric jumpd ovr 10%, signling rnwd invstor intrst.
- Aftr trding btwn $130 nd $139, SOL brok th criticl $140 brrir, nding two-month dclin.
- Exprts prdict furthr upwrd movmnt, with trgts of $160 nd potntilly s high s $400.
Solana (SOL), th fifth-lrgst cryptocurrncy by mrkt vlu, gind ttntion during th rcnt mrkt rcovry. Aftr th Fdrl Rsrvs xpctd rt cuts, SOLs pric jumpd mor thn 10% on Thursdy, sprking nw intrst mong invstors nd hinting t potntil shift in its pric trjctory.
Bfor this rlly, SOL hd bn trding in nrrow rng btwn $130 nd $139 for svrl wks, struggling to surpss th ky $140 rsistnc mrk. Th Fds rt cuts smd to triggr brodr mrkt rbound, pushing SOL pst th $140 lvl nd nding its two-month dclin. In th lst 24 hours, SOL climbd ovr 8%, rching $151.
Crypto xprts r incrsingly optimistic bout SOLs futur, following its rcnt strong prformnc. Anlyst Jll mphsizd Solanas strngth comprd to othr ltcoins on highr timfrms. H rmrkd tht SOL hs outprformd most ltcoins, showcsing its rsilinc during th rcnt mrkt dip.
This viw ligns with prvious obsrvtions md rlir in Q3. As th brodr crypto mrkt corrctd, Solana stood out s on of th strongst ssts, othr nlysts notd. Whil mny tokns droppd to nw lows, SOL hld stdy, proving its durbility.
Jll lso strssd tht Solana hld ky support lvls vn s othr ltcoins lost ovr 50% of thir vlu. Sinc Mrch, SOL hs styd bov th importnt $120 mrk, dspit now bing 31% blow its pk from rlir this yr.
Analysts Expect Solana Breakout
Building on SOLs rcnt gins, nlyst Yuriy xpcts furthr upwrd movmnt. H forcsts SOL to brk th $160 brrir, with th potntil to hit $180 or vn $200. Howvr, Yuriy wrns tht mintining support t $138 is crucil. If tht lvl fils, th pric could fll towrd $120.
Mnwhil, th nonymous trdr Curb offrs mor optimistic outlook. In post on Sptmbr 19, Curb prdicts SOL will s strong rlly ftr ovr 200 dys of ccumultion. H idntifis bullish pnnnt pttrn, stting short-trm trgt of $400 nd longr-trm gol of xcding $800.
Additionlly, th RSI on th dily chrt hs improvd. Th RSI crossd bov 44.76 on Sptmbr 17 nd now sits t 61.80, signling incrsd buying prssur. This suggsts room for furthr gins without risk of ovrbought conditions.
Related Readings | Crypto and Equities React to Fed Rate Cut: Euphoria or Overhyped Rally?
Read more: https://www.tronweekly.com/solana-soars-10-analysts-predict-further-gains/
Text source: TronWeekly
