Solana (SOL) has been maintaining a price above $120 after a 24% retrace from local highs. Analysts and investors are closely monitoring this consolidation phase, which is seen as critical for determining Solana's next big move.
Traders are particularly focused on whether Solana can maintain the $120 support, as holding this level could lead to a recovery and potential rally. If support fails, deeper corrections are expected.
For 180 days, Solana has traded between monthly support at $120 and resistance at $210. Analysts suggest breaking out of this range could lead SOL to rally towards $400-$500, with further potential up to $800-$1,000. This forecast is supported by strong fundamentals and technical setups.
Solana's ecosystem, including decentralized applications (dApps), NFTs, and a robust developer community, underpins optimistic long-term growth. Currently, SOL's price at $129.60 is testing a local demand zone between $122 and $135.
Breaking above the 4-hour 200 MA at $143.76 is crucial for a bullish reversal. Conversely, if SOL falls below $120, it could signal the end of the consolidation phase, leading to deeper corrections.
