Solana (SOL) briefly surged past $100, drawing renewed interest after an inactive high-profile trader executed a substantial $9.74 million purchase. As the digital asset tests a major resistance level, both on-chain and technical signals are now contributing to intensified focus on the $100 to $120 price region.
Large-Scale Accumulation Follows Price Recovery
On-chain analytics firm Lookonchain identified a significant purchase by a trader who had not moved SOL for nearly two years. The trader acquired 95,928 SOL, valued at about $9.74 million, coinciding with Solana’s push above the important $100 threshold.
Lookonchain further reported that this address had completed only two documented swing trades with SOL in the past three years, amassing approximately $4.95 million in combined profits. The substantial new accumulation has been interpreted as a possible indicator of positive sentiment among large holders, though it does not guarantee future gains.
During the recent surge, SOL’s price hovered near $101.72, representing a 5% gain within the past 24 hours and sitting close to the upper end of its daily range between $95.23 and $102.29.
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AAPLMarket analysts observed, “The re-engagement of a historically profitable SOL buyer, combined with the token’s resilience above the psychological $100 mark, has placed Solana at the center of investor attention.”
Sustaining momentum above $100 may encourage additional large wallet accumulation, while a return below this level could point to continued volatility or consolidation.
Resistance at $120 in Focus as Traders Weigh Support Zones
Technical analysts are currently tracking the SOL/USDT pair as it tests a significant resistance band that stretches roughly from the high $90s to $104. Trading view accounts such as BATMAN flagged the potential for another leg upward, with a possible target zone between $118 and $122 if current levels hold.
Solana’s rapid ascent from the mid-$70s has prompted traders to assess whether the recent breakout can be sustained or if a pullback to support is imminent. As of the latest charts, SOL traded near $96.65 during the resistance test.
One key indicator under watch is the Relative Strength Index (RSI), currently around 78.6. Values above 70 are generally considered overbought, signaling the possibility of a pause or retracement, although high RSI alone does not guarantee a reversal.
Analysts identified the $82 to $85 range as the major support on any pullback. This area previously acted as resistance and could serve as a new support if buyers step in.
A decisive move above the current resistance band could bring $120 into focus, reinforcing the bullish trend if large holders remain active. Conversely, a sustained drop below the $82 to $85 region would weaken the technical setup.
Solana, a public blockchain network designed for scalability and speed, has become a popular platform for decentralized applications and tokens. Its price activity is often closely tracked by both institutional and retail investors.
Mini dictionary: Lookonchain is an on-chain analytics platform that tracks large transactions, wallet activity, and real-time blockchain data to help traders identify emerging trends and significant movements within digital asset markets.
| Price Level | Type | Significance |
|---|---|---|
| $100 | Psychological support | Key psychological threshold, renewed buying activity |
| $82-$85 | Technical support | Previous resistance, now support |
| $118-$122 | Resistance | Next upside target if breakout continues |
