Solana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. As a result, some analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as \u201cUptober\u201d approaches.<\/p>\n
Solana\u2019s rally started last week following the market surge driven by the US Federal Reserve\u2019s rate cuts. The jump pushed<\/a> the cryptocurrency\u2019s price above the $140 resistance level, successfully turning it into support.<\/p>\n SOL had failed to break above this key level throughout the past month, consolidating between the $130-$139 price range. This performance alarmed many investors and market watchers, who considered the cryptocurrency was in danger of facing a massive correction.<\/p>\n Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier this week. Some analysts asserted that reclaiming this mark would propel the price toward the next key resistance level.<\/p>\n On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting<\/a> $160 for the first time since late August. As of this writing, SOL reached a daily high of $160.68, momentarily holding the above the key level.<\/p>\n This performance was seemingly fueled by the \u201cbullish vibes<\/a>\u201d surrounding the early release from prison of Binance\u2019s founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOL\u2019s 4% jump in an hour and Bitcoin\u2019s price to $66,000.<\/p>\n Analyst Crypto Horn Harris noted<\/a> Solana\u2019s price action on the weekly chart, claiming it \u201clooks nothing short of insane right now.\u201d He underscored that SOL\u2019 retested the Relative Strength Index (RSI) \u201cproperly\u201d while doing a \u201cperfect reset\u201d of the 50-day Moving Average (MA).<\/p>\n To the analyst, this performance hints that the cryptocurrency will challenge the cycle\u2019s high above $200 and move to higher targets soon. WiseAnalyze claimed that SOL\u2019s price \u201cis still very low,\u201d suggesting that investors still can \u201cjump on that trend.\u201d<\/p>\n The trader set his target for the cycle\u2019s final breakout<\/a> at $400, \u201cbut it might grow higher.\u201d However, he didn\u2019t rule out the possibility of another rejection, with a pullback to the $108-$120 support zones.<\/p>\n Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the \u201cjury is out on the scope of the decline.\u201d<\/p>\n Dixon stated that SOL\u2019s price targets will depend on whether \u201cthe price action from the low is in the form ABC Or 123.\u201d But \u201ceither way, the retrace is likely.\u201d<\/p>\n Crypto analyst Byzantine General considers<\/a> SOL\u2019s chart to look \u201cpretty crazy.\u201d The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range.<\/p>\nIs SOL Price About To \u201cGo Insane\u201d?<\/h2>\n