Solana has regained upward momentum, with its price climbing above $120 and technical signals improving. As of the latest session, SOL is trading at $120.38, up 3.53% over the previous 24 hours, moving in a range between $115.92 and $122.75.
Short-term momentum strengthens as SOL reclaims moving averages
Solana is now trading above both its 7-day and 30-day moving averages, signaling renewed buying interest. Data shows that the price recently surpassed these averages, with both now trending upwards. This crossover indicates that buyers are regaining control in the near term, as the 7-day moving average leads the 30-day trend.
Technical analysts note that maintaining price above these moving averages is critical for confirming sustained positive momentum. If SOL remains above this structure during any consolidation, it could support further gains. Conversely, slipping back below these averages may signal a loss of strength and increase the risk of a pullback.
Solana’s short-term trend has improved with price holding above both its 7-day and 30-day moving averages, boosting the case for further upside if buyers continue to defend those levels.
| Metric | Current Value |
|---|---|
| Spot Price | $120.38 |
| 24h Change | +3.53% |
| 7-day MA | Above price |
| 30-day MA | Below price |
Major resistance at $121.66 looms for Solana
SOL is approaching an important higher-timeframe resistance level near $121.66, a zone that previously acted as a strong support and resistance area during earlier market cycles. Recent price action shows SOL hovering just under this level, with analysts highlighting its significance as a turning point.
Historically, Solana tended to accelerate higher after reclaiming similar zones. During the 2023 rally, a breakout above a comparable resistance led to a rapid surge. A decisive weekly close above $121-$122 is needed to confirm this setup, potentially opening the way to the next resistance at $144.80. If buyers fail to secure a breakout, SOL may revisit lower support or consolidate before another attempt upward.
Analysts set $146 as next major target
On the daily chart, analysts see a path developing toward $146.14, marking a key overhead resistance. SOL has steadily recovered from a base around the $70-$80 region and is now targeting levels last seen during previous bull runs. To maintain this trajectory, price must remain above the $120-$123 range, with further milestones at $130 and $140 before testing the $146 region.
After establishing support near $70-$80, Solana has gradually climbed, with analysts bringing the $146 level back into focus as the next significant area if current momentum holds.
Near-term caution as momentum slows
Despite holding above its recent breakout zone, short-term signs suggest the rally may be slowing. Four-hour chart readings indicate that while SOL pushed into the $121-$123 region, momentum indicators are beginning to diverge negatively. Analyst Wick points to a developing bearish divergence, where price rises outpace momentum gains, hinting at possible consolidation or a minor retracement before the next move upward.
Immediate support sits around $115, followed by a stronger barrier in the $110-$108 area. A drop below the current breakout could trigger a test of these levels. For now, the overall trend remains constructive, but momentum is not accelerating as rapidly as before.
Fundamentals provide additional support
Solana’s technical improvement is complemented by strengthening fundamentals. U.S. spot Solana exchange-traded funds (ETFs) recorded 12 consecutive weeks of net inflows, reflecting persistent institutional interest despite wider market fluctuations.
In addition, activity around tokenized equities is rising on the Solana network, reinforcing its role in the growth of real-world asset applications. Furthermore, the announcement that Alpenglow, Solana’s upcoming consensus protocol, is advancing towards a testnet has provided a further boost to sentiment.
Mini dictionary: Alpenglow is a planned consensus protocol for Solana that aims to enhance scalability, speed, and reliability of network transactions. It is currently in development, with testnet deployment underway as of mid-2024.
Turning $120 into support remains key
Solana faces a pivotal test in converting the $115-$120 area from resistance into support. Successfully establishing this level as a base would strengthen prospects for further gains, bringing $125-$130 and potentially $140-$145 back into focus. If, however, price drops below $115, a retracement toward $110 or even $108 is possible before another recovery can take shape.
