Consolidation Below Key Resistance Level
Solana (SOL) continues to trade in a tight range below the near-term resistance zone after reclaiming the critical $120 pivot. Traders note the importance of this level in preserving the bullish momentum that fueled the token’s historic breakout earlier this year.
A Repeated Bullish Signal
Technical analysts have identified a repeat of the golden crossover pattern between the 50-day and 200-day moving averages—a signal that preceded SOL’s explosive 1,350% rally from sub-$20 to over $300. The convergence of these moving averages on daily charts points to growing bullish conviction in the market.
Maintaining the $120 Structural Pivot
Since dipping below $100 during the broader market pullback, Solana has reclaimed the $120 mark as a foundation for its next move higher. Holding above this level is seen as a confirmation of buyers’ strength, with multiple retests reinforcing the zone as reliable support.
Indicators and Market Outlook
Additional technical indicators bolster the bullish case. The Relative Strength Index hovers in the neutral-to-positive range, leaving room for further upside before overbought conditions set in. Furthermore, on-balance volume has risen alongside price, signaling that accumulation is underway.
Should Solana break above the immediate resistance around $180, traders could target an extension toward $200 and eventually aim for the emerging $457 level. This target reflects Fibonacci extensions measured from the last swing low to the December high.
Conclusion
Solana’s repeat of the golden cross and steadfast defense of the $120 pivot underscores a bullish trend poised to resume. While consolidation persists below resistance, a decisive move above $180 could unlock the next leg toward a $457 target, reinforcing Solana’s status as a top contender in the smart contract arena.