Solana (SOL) is testing an important support range at $120-$125, which indicates that there are opportunities for investors to buy and rebound in the short term.
According to market analysts, if the price holds at this range, it can result in an increase towards $150, and the long-term price range can go as high as $180 and $300.
At the time of writing, SOL is trading at $124.10, with a 24-hour trading volume of $6.19 billion and a market capitalization of $70.08 billion, marking a 1.05% increase over the last 24 hours as buyers step in around critical support levels. Data sourced from CoinMarketCap.
Solana Eyes Strategic Market Move
A well-known crypto analyst, yuna, pointed out that the SOL price is currently trading around a strong historical support level between $120 and $125. This is a strong level that has held up during previous market corrections. The price is also at a long-term level of ascending support.
If this is the case, as explained by yuna, then SOL could see a gradual rebound. This could start with a price increase to $150, which could then see further price appreciation, followed by short-term consolidation in the $180-$200 range. Long-term, the price range could see appreciation to $290-$300.
However, if it closes below $110, it would be a breakdown, and the bullish case would be invalidated. yuna says that this is a high time frame setup, which is not about making profits but about strategic risk-to-reward.
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Solana Eyes Major Rebound
Yet another analyst, CryptoPulse, emphasized the importance of the price range between $118 and $120 as an area of demand. If this range holds, then SOL may try to bounce back to the range between $135 and $145.
These support and resistance areas are being carefully watched by investors. Holding this $120 to $125 range may lay the groundwork for a stronger rally in the coming weeks. With SOL now stabilizing at a crucial demand zone, potential price targets include $150, $180 to $200, and even $290 to $300.
Also Read | Solana in Discount Zone Near $124: Is a Recovery Brewing or Another Drop?
