Solana Defends $120 Support, Poised for a Massive Rally
Solana is poised for a potentially “massive” move after defending the $120 support level. Since April, the SOL price has bounced off this key support level multiple times, which has made traders confident in the prospects of the current market recovery, believing that it will trigger an explosive rally.
Crypto traders are closely watching Solana’s price action, especially its strong support line. This phenomenon was pointed out by veteran trader Peter Brandt, who mentioned in a recent article: “It looks like the SOL price has found support at $120.” He analyzed the consolidation of SOL on the daily chart since mid-April and pointed out that the lower limit of this rectangular pattern is exactly $120, which sets the stage for a possible sharp rise in the future.
In addition, another trader, TraderKoz, made a similar observation, emphasizing that SOL has successfully retested this important level three times recently, which further highlights the importance of this price level for buyers. He suggested that investors who want to go long SOL should focus on retesting the area between $135 and $140.
According to CoinMarketCap, Solana has performed the best in the past seven days among the top ten large cryptocurrencies by market capitalization, with an increase of 8.82%, surpassing Bitcoin's 6.45%. As of now, Solana is trading at $148.50 and seems ready to continue its "bullish momentum" with a short-term target of $160.
The futures market also showed positive signals, with open interest (OI) rising 12.5% to $2.34 billion in the past three days according to Coinglass data. At the same time, Solana's total locked value (TVL) has recovered slightly since the end of August, from $4.66 billion on September 18 to $5.15 billion on September 20. These data indicate growing network activity and adoption, which has a positive impact on SOL prices.
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