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Solana (SOL) Price: Technical Analysis Shows Resistance at $120 After 12% Gain
Solana’s market capitalization currently stands at approximately $66.15 billion, making it one of the leading cryptocurrencies by market value. The token has faced significant price swings during previous bear markets, yet SOL has consistently shown resilience and bounced back rapidly after each dip. However, if SOL fails to rise above the $118-$120 resistance zone, it may initiate another decline.
The first level of support is near the $112 zone, coinciding with the 50% Fibonacci retracement level of the upward move from the $101.24 swing low to the $120.10 high. A break below this point could trigger further price drops towards the $105 area, followed by a potential decline toward $100 if selling pressure persists.
Conversely, if Solana can successfully close above the $125 resistance zone, it may set the stage for another steady increase. The next crucial resistance level would be at $132, with potential for growth up to $140 if buying momentum intensifies.
Solana’s staking rate has surpassed 5%, indicating confidence in the network’s long-term health. Additionally, network upgrades like Token Extensions continue to drive developer adoption and user engagement. SOL’s fixed supply makes it particularly sensitive to institutional buying, which often pushes prices upward during accumulation phases. This dynamic emphasizes the importance of technical analysis during volatile or bearish market conditions.
Experts predict that SOL may reach as high as $3,211 by 2030, driven by its potential to onboard over 100 million users through decentralized applications. However, traders should remain cautious due to forecasts suggesting a bearish cycle in 2025.
For short-term strategies, dips in price may present accumulation opportunities, while long-term holders could benefit from ecosystem growth and increasing blockchain utility.
Regularly reviewing market data enables better decision-making for both daily traders and investors seeking long-term capital appreciation.
Source: https://blockonomi.com/solana-sol-price-technical-analysis-shows-resistance-at-120-after-12-gain/
