- $90 serves as an important support for Solana’s high price.
- The long-term increase makes recovery possible.
- Breaking $100 could open the way to $120.
Solana (SOL), which is trading around $91.90, has been under pressure in recent months.
The token has seen a slight decline from its previous highs, but recent technical data suggests that a reversal may be in play.
The $90 level appears to be an important support level, which, if held, could lead to a strong upward movement.
Technical analysis
The current support level at $90 has been tested several times in recent weeks, and each time Solana is approached, buyers have stepped in to avoid further declines.
Technical charts show that holding this position is important because a break below could lead to a return to $77.
On the other hand, holding $90 provides a bull base to push higher.
Momentum indicators are showing a mixed picture, with short-term charts showing bullish momentum, although some oscillators are still showing caution.
This shows that although there is an opportunity to go higher, the market is waiting for confirmation.
Trading volume also rose slightly last month, reflecting renewed interest among traders.
However, the chain’s activity has decreased, indicating a decrease in the network.
The combination of high trading volume and low chain usage confirms the speculative interest driving the short-term rally.
Why a return to $120 is possible
The combination of technical support, rising volume, and rising momentum makes the $120 target a reality if $90 holds.
If Solana has $90, the path to $96.47 is clear.
If $96.47 breaks and stabilizes, a move to $120 would be reasonable.
This would represent a profit of around 30% from the current levels, making it attractive to commercial investors.
Older models also support this.
In the past, Solana has seen rapid meetings after establishing such support groups.
Short-term momentum is increasing, and daily strength indicators such as Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are improving.
The MACD histogram is above the middle line, and the indicator line has moved above the main MACD line, and the RSI has returned to above 50 after a slight dip, indicating a possible reversal in the near future.
This suggests that the consumer will be in control, especially over time.
However, caution remains as any failure at the resistance of $96.47 could lead to a sideways trade or a complete collapse.
In addition, the market is affected by many cryptocurrency trends, as well as a strong recovery Bitcoin (BTC) and Ethereum (ETH) It could also raise the price of Solana, while weakness in these currencies could hurt Solana’s profitability.
