Solana (SOL) has been holding above the $120 mark since experiencing a significant 24% retrace from its local highs. As the crypto market faces growing fear and uncertainty, Solana has remained one of the strongest performers this cycle, attracting attention from analysts and investors looking for opportunities. This current price zone is critical, as it will likely determine the asset’s next big move.
Traders are closely monitoring whether SOL can maintain support around $120, as holding this level could set the stage for a potential recovery and rally.
However, if Solana loses this key support, the market could see a deeper correction in the coming days. With many investors eager to assess Solana’s strength in the face of broader market volatility, this battle at $120 will be pivotal for its short-term direction. All eyes are on Solana as it approaches this crucial decision point.
Solana Holding Strong
Since March, Solana (SOL) has been in a massive consolidation phase, trading between strong monthly support at $120 and a monthly resistance at $210. This 180-day consolidation has caught the attention of analysts, including top trader Curb, who recently shared his insights on X.
Curb’s analysis highlights the significance of this prolonged range-bound action, suggesting that the move could be explosive when Solana eventually breaks above the consolidation.
Solana massive 180-day consolidation is set to break. | Source: Curb on X SOLUSDT chart on TradingView
According to Curb, Solana is primed for a swift rally to the $400-$500 range once it breaks out of its current price range, followed by further upside to potentially $800-$1,000. His forecast is based on the strong fundamentals and technical setup Solana has maintained throughout this period of consolidation.
Solana has gained increasing traction as the market evolves, both within the crypto community and from institutional investors.
Its growing ecosystem, which includes decentralized applications (dApps), NFTs, and a robust developer community, has fueled optimism for long-term growth. Investors are watching closely as the price hovers near the key $120 support, awaiting a potential breakout that could propel SOL into its next bullish cycle.
This consolidation phase has built up significant pressure, and the next move could define Solana’s trajectory for the rest of the cycle.
SOL Price Testing Demand
Solana (SOL) is trading at $129.60 after experiencing choppy price action. Volatility and uncertainty drive the market, with SOL testing a local demand zone between $122 and $135.
Despite this, the price movement has a noticeable lack of strength. SOL remains below its 4-hour 200 moving average (MA), which sits at $143.76, signaling weak momentum since its recent high.
Solna is trading below the 4H 200 MA. | Source: SOLUSD chart on TradingView
For bulls to regain control, the price must break above the 4-hour 200 MA and target local supply at $160. This would be crucial to reversing the current bearish sentiment and setting the stage for a potential rally.
However, if the price falls below the $120 support level, it could trouble investors. Such a breakdown would likely signal the end of the consolidation phase and the start of a deeper correction, potentially driving SOL to lower levels.
Featured image from Dall-E, chart from TradingView
Sebastian Villafuerte
Sebastian’s journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian’s goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian’s passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.
Sebastian’s journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @americanfork.business
