Solana just made a big move.
In just 24 hours, the price of SOL jumped by more than 12%. It went from below $103 to above $115. The move came fast. It caught attention across the market.
Now, the question is clear. Can Solana break through the $120 resistance?
Crypto Market Turns Green
From: TradingView
Solana’s rally didn’t happen alone. The entire crypto market bounced back.
Bitcoin climbed 4.5% overnight. Ethereum rose 3.6%. Other altcoins followed. Confidence is slowly returning.
The market had been under pressure. Solana even fell below $100 last week. Traders were cautious. Sentiment was weak.
But things changed. Fast.
Inflation Eases, Traders Respond
Behind the rally is a shift in macro sentiment. Inflation appears to be cooling. That’s important.
Lower inflation could stop central banks from raising interest rates. That’s good news for risky assets. Crypto included.
As the outlook improves, traders are jumping back in. Solana is riding the wave. And it’s leading the charge.
Solana Faces $120 Resistance
The next challenge for SOL is clear.
The $120 level has been tough to break. Solana tried multiple times in the last month. Each attempt failed. Price got rejected.
But this time could be different. Momentum is stronger. Volume is rising. Bulls are gaining ground.
If SOL breaks above $120, it could open the door to $126 or even $130. But it has to break through first.
Momentum Builds for SOL
Solana has outperformed many altcoins this year. It started 2024 under $100. Since then, the trend has been mostly upward.
The 12% gain adds more strength to the uptrend. Buyers are stepping in with confidence. Technical indicators are flashing green.
RSI and MACD suggest bullish momentum. The recovery looks strong. The price action supports it.
Still Room for Caution
Even with the surge, the market isn’t without risk.
If SOL fails to clear $120, another rejection is possible. That could lead to a dip toward $110 or $105. Traders know this.
The market is still volatile. News, sentiment, and volume can shift quickly.
That’s why many remain cautious. They want confirmation. A clean break above $120 would give it.
Short-Term Target: $126
If Solana pushes past $120, analysts see $126 as the next target. Some even look at $130.
But first, the price has to flip $120 into support. That hasn’t happened yet. Every previous breakout attempt failed at that line.
Now, with strong market backing, SOL may have a better chance.
Final Thoughts
Solana just posted one of the biggest 24-hour gains in the market. The 12% rally has brought the token back above $115. The broader market is helping. Sentiment is improving. Volume is rising.
All attention now turns to $120. It’s the key resistance level.
If SOL can finally break above it, more upside is likely. But a rejection could pull the price back.
Traders are watching closely. The next move could decide what comes next for Solana.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.