Solana (SOL) has been showing strength as it continues to trade above the key $120 support. This level has emerged as the most important price floor in the current market structure, and holding it will be crucial for maintaining bullish momentum.
Analyst Ali Martinez has highlighted this support zone, showcasing multiple instances of price bouncing off the $120 mark.
Each time the price has approached this level closely, we can observe a surge in buying pressure, which is a strong indication of demand at this key area.
The structure of this support is not just psychological; it’s also technical, with price respecting it across multiple timeframes, at least in the short to mid-term.
If Solana manages to stay above the $120 support, it could pave the way for another rally toward the next resistance levels, which are anticipated around $135–$140.
However, a decisive breakdown below the $120 support could have more significant implications, setting the stage for a deeper correction. In such a scenario, we could see deeper price drops, with potential price targets for the next support zone being in the $100–$105 range.
With Solana as one of the prominent Layer 1 blockchains, its behavior around this support level will be closely monitored by traders for valuable insights into its upcoming price movements.
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