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 “Uptober” approaches.

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Solana Retests $160 Resistance

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.

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.

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.

On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting $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.

This performance was seemingly fueled by the “bullish vibes” surrounding the early release from prison of Binance’s founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOL’s 4% jump in an hour and Bitcoin’s price to $66,000.

Is SOL Price About To “Go Insane”?

Analyst Crypto Horn Harris noted Solana’s price action on the weekly chart, claiming it “looks nothing short of insane right now.” He underscored that SOL’ retested the Relative Strength Index (RSI) “properly” while doing a “perfect reset” of the 50-day Moving Average (MA).

To the analyst, this performance hints that the cryptocurrency will challenge the cycle’s high above $200 and move to higher targets soon. WiseAnalyze claimed that SOL’s price “is still very low,” suggesting that investors still can “jump on that trend.”

The trader set his target for the cycle’s final breakout at $400, “but it might grow higher.” However, he didn’t rule out the possibility of another rejection, with a pullback to the $108-$120 support zones.

Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the “jury is out on the scope of the decline.”

Dixon stated that SOL’s price targets will depend on whether “the price action from the low is in the form ABC Or 123.” But “either way, the retrace is likely.”

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Crypto analyst Byzantine General considers SOL’s chart to look “pretty crazy.” 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.

Based on this, Solana’s price “could go really nuts,” as it has the potential for a breakout toward the $200 resistance level if it successfully reclaims the key support level.

Featured Image from Unsplash.com, Chart from TradingView.com

A widely followed trader is leaning bullish on a mid-cap Real World Asset (RWA) token while offering his insight on three other altcoins.

The trader pseudonymously known as Sherpa tells his 223,600 followers on the social media platform X that the native token of the RWA blockchain MANTRA (OM) could go up by around 16% from the current level to hit a new all-time high.

“Still one of the better RWA options out there and has high float/less supply overhang and lots of financial backing behind it.”

OM is trading at $1.22 time of writing.

Next up is Solana (SOL). The pseudonymous analyst says that despite Solana proving to be a “slow mover” over the recent past after being outperformed by competitors such as Sui (SUI), he is still leaning bullish on it.

“I still think SOL is a good bet though.”

Solana is trading at $153 at time of writing.

Next up is the native token of the layer-one blockchain Fantom (FTM). According to Sherpa, Fantom has a bullish market structure and “still looks really good on higher time frames.” The pseudonymous analyst further says that the upcoming rebrand and upgrading of Fantom to Sonic (S) scheduled for November/December this year bolsters his bullish thesis for the altcoin.

“…this goes higher within the next few weeks.”

Next up is the dog-themed memecoin dogwifhat (WIF). Sherpa says that WIF “looks pretty strong overall” and would present a potential long opportunity on pullbacks.

WIF is trading at $2.22 at time of writing.

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Generated Image: Midjourney

Popcat, the latest Solana-based memecoin sensation, has crowned itself as one of the best-performing cryptocurrencies in the market. The memecoin has stolen the spotlight following its 117% surge throughout Q3, outperforming other well-established tokens in the sector.

The feline sensation has now consolidated as the first cat-themed memecoin to hit a $1 billion market capitalization, leading the market’s bullish run alongside tokens like Sei (SEI) and Worldcoin (WLD).

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POPCAT Hits $1 Billion Market Cap Status

Memecoins became the leading sector during this cycle, with many tokens outperforming most altcoins over the last few months. At the front of the frenzy, dog-themed tokens like dogwifhat (WIF) stole the spotlight during Q1 and Q2. However, a feline rival is challenging its spot as Solana’s best-performing memecoin.

Investors and market watchers have praised the cat-themed sensation’s performance over the past few months. Throughout Q3’s violent market retraces, POPCAT showed a remarkable performance, becoming the largest gainer among the top 100 cryptocurrencies several times.

The memecoin’s price quickly bounced from its 55% pullbacks during the market crashes, recovering and surpassing its previous level each time. POPCAT’s price has seen a 117% surge in the past three months, driving its price from the $0.68 mark to a new all-time high (ATH).

In the late hours of Tuesday, the cryptocurrency broke above the $0.97 resistance level set by its previous ATH. The memecoin continued its 21% jump towards the $1.08 level, its new ATH, before retracing to the $1.01-$1.02 price range.

The surge propelled POPCAT’s market capitalization to the $1 billion mark, cementing its status as the leading cat-themed token and making it the first memecoin in this sector to achieve it.

Following its remarkable rise, the token registers a 57.8% and 40.2% surge in the weekly and monthly timeframes. Its daily market activity also saw an 82% jump to a trading daily volume of $133.3 million in the last 24 hours.

Investors See Further Price Potential

Some crypto whales loaded their bags as POPCAT broke the $1 barrier. On Wednesday morning, on-chain data analytics firm Lookonchain revealed that a crypto investor recently repurchased the cat-themed sensation, suggesting that some investors feel positive about the token’s future performance.

Per the post, the whale spent 8,644 SOL, worth around $1.29 million, to buy 1.3 million POPCAT over the past two days. The address bought 456,000 tokens on Monday before acquiring another 843,000 POPCAT when the memecoin hit $1.

This whale had previously sold its POPCAT holding at a 45% loss over two months ago. The investor saw $611,000 in losses from selling its 1.69 million tokens.

However, before the long-awaited surge to $1, crypto investor Trade4ddict noted that the POPCAT’s consolidation under the key resistance level was a strong sign for its potential bull continuation.

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The trader considers that after “blowing off” the $1 resistance, the memecoin has “good chances” of pumping toward the $2 target. He also suggested that the previous high at $0.8 should offer some support before a potential correction.

As of this writing, the memecoin continues to hold the $1 support level, exchanging hands for $1.01.

Featured Image from Unsplash.com, Chart from TradingView.com