10 Heb “and he lifted up a horn for his people.” The horn of an ox underlies the metaphor (see Deut 33:17; 1 Kgs 22:11; Ps 92:10). The horn of the wild ox is frequently a metaphor for military strength; the idiom “exalt/lift up the horn” signifies military victory (see 1 Sam 2:10; Pss 75:10; 89:17, 24; 92:10; Lam 2:17). Another option is to take the “horn” as a symbol for the Davidic king, through whom the Lord gives his people military victory.
11 “[there is] praise for all his loyal followers, to the sons of Israel, the people near him.” Here “praise” stands by metonymy for the victory that prompts it.

In other versions

He has raised up a horn for his people,

praise for all his saints,

for the people of Israel who are near to him.

Praise the Lord!

And he has raised up for his people a horn,

the praise of all his faithful servants,

of Israel, the people close to his heart.

Praise the Lord.

He has raised up a horn for his people,

resulting in praise to all his faithful ones,

to the Israelites, the people close to him.

Hallelujah!

He has made his people strong,

honoring his faithful ones—

the people of Israel who are close to him.

Praise the Lord!

And he has raised high a horn for his people,

praise for all his faithful—

for the children of Israel,

a people close to him.

Praise Yah.

He also exalteth the horn of his people,

The praise of all his saints;

Even of the children of Israel, a people near unto him.

Praise ye the Lord.

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