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Solana (SOL) Price Prediction & Analysis: Recent 12% Jump Faces $120 Resistance Wall
As the cryptocurrency market continues to fluctuate, Solana’s recent 12% price jump is drawing attention. With its Bollinger Band Trend reaching -14.19, a level not seen since mid-March, the bearish momentum might be building again after a period of relative stability. This negative reading, in conjunction with an unfavorable arrangement of Exponential Moving Averages (EMAs), suggests that downward momentum remains in control.
The $120 resistance wall poses a significant challenge for SOL’s current upward momentum. If it fails to break above this level, the price may face another decline, potentially targeting support levels at $112, $110, and the more critical $105 zone. A breach of $105 could send the price toward the $100 support level.
As the market navigates these uncertain waters, several factors continue to influence Solana’s price movements. Network activity, supply-demand dynamics, staking metrics, and broader economic trends all play a significant role in shaping SOL’s trajectory.
Interestingly, the staking rate has exceeded 5%, reflecting confidence in the long-term health of the network. This positivity is further bolstered by ongoing upgrades, such as Token Extensions, which are driving developer adoption and user engagement. Consequently, this increased demand could translate to higher prices for SOL tokens.
On a technical note, SOL appears to be forming a cup and handle pattern—a historically bullish indicator. If this pattern plays out as expected, Solana may break out to new price levels.
In the short term, it’s essential to monitor key support and resistance levels. The $118-120 zone presents a significant hurdle for buyers, while the nearby support levels at $110 and $105 will be crucial in preventing a deeper decline. Losing the latter would be technically significant, potentially paving the way for SOL to fall below $90—a price not seen since January 2024.
Traders should remain vigilant as market conditions evolve.
Source: https://coincentral.com/solana-sol-price-prediction-analysis-recent-12-jump-faces-120-resistance-wall/
