Solana has taken off.
In just one night, the price of SOL shot up by more than 12%. The move pushed it past $115 after trading around $102 only a day earlier. This rally puts SOL back on traders’ radars. The entire market is rebounding. And Solana is one of the biggest gainers. Now, all eyes are on the $120 level — a line that has stopped Solana before.
Market Turns Positive Again
From: TradingView
The latest surge in Solana follows a broader recovery.
Bitcoin rose 4.5% during the same 24-hour period. Ethereum followed, up 3.6%. Altcoins across the board turned green. This shift in sentiment comes after a rough week. Solana even dipped below $100 just days ago. The market looked weak. But now, buyers are stepping in. Volatility is back. Momentum is returning.
Inflation Cools, Risk Appetite Grows
One reason for the bounce is macro-related. Inflation numbers are softening. That’s giving hope to traders. A pause in interest rate hikes now looks more likely. If borrowing costs stabilize, risk assets benefit. That includes crypto. As optimism grows, prices are climbing. Solana is moving fast. The trend has flipped.
$120 Still a Wall
Despite the strong rally, Solana hasn’t broken through $120 yet. That price has acted as a tough resistance. SOL has tested it several times recently. Each attempt was followed by a rejection. Now, the token is close again. But it needs more volume. A clear break is required to confirm a breakout. If it happens, the next levels to watch are $126 and $130.
Technicals Show Strength
Solana has held up well this year. After starting 2024 under $100, it has steadily pushed higher. Even during recent pullbacks, buyers remained active. This new 12% move strengthens the current uptrend. Volume is rising. Momentum is shifting to the upside. Traders are watching closely. Indicators like RSI and MACD suggest bullish momentum.
But It’s Not a Clear Path
Despite the rally, risks remain. If SOL fails to break $120 again, sellers may return. A fallback to $110 or even $105 is possible. It wouldn’t be the first time. The market is still shaky. News can quickly change the mood. And without strong follow-through, rallies can fade. That’s why many remain cautious. They want to see confirmation. A breakout needs strength.
Could $126 Be Next?
If Solana breaks through, the next target is likely $126. That level could come fast. Momentum is building. A clean move above $120 might bring more buyers in. Traders may then aim for $130 as the next stop. But for now, it all depends on that one level. Can Solana finally crack it?
Conclusion
Solana just delivered a strong 12% rally. It’s now trading well above $115. That’s a sharp turnaround from last week. The entire market is helping. Crypto is recovering. Inflation fears are cooling. But $120 stands in the way. It’s been tough to beat before. The next few hours will be critical. If SOL clears it, more gains could follow. If not, another dip may be on the table. The market is watching. Solana is back in the spotlight.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
