Solana is back in focus. After a sharp recovery, SOL has gained over 12% in just one day. The move comes as the entire crypto market begins to turn green again.
SOL is now trading above $115. That’s a big change from yesterday’s price of $102. The momentum is clear. Traders are rushing in. Confidence is returning.
Market-Wide Rebound Lifts Solana
From: TradingView
The rally wasn’t just about Solana. The broader market is recovering too.
Bitcoin rose 4.5% over the same period. Ethereum climbed 3.6%. Altcoins joined in the bounce. Optimism is spreading.
This comes after a period of heavy selling. Last week, Solana dropped below $100. Bearish sentiment was high. But now, the trend is reversing.
The quick turnaround suggests that buyers are back. And Solana is leading the charge.
Cooling Inflation Sparks Hope
One reason behind the rally is macroeconomic. Inflation appears to be slowing in key markets. That gives traders hope that interest rates may stop rising.
When inflation cools, investors feel more comfortable with risk. That includes crypto.
So far, this shift in sentiment is lifting digital assets. And Solana is gaining more than most.
All Eyes on $120
Now that SOL is over $115, the next big level is $120.
That price point has acted as strong resistance recently. Solana has tested it multiple times in the past month. But each time, it got rejected.
This time, things look different. The momentum is stronger. Volume is building. Analysts are watching closely.
If SOL breaks $120, it could quickly climb to $126 or even $130. But $120 must break first.
Solana Holds Its Uptrend
Solana has held up better than many altcoins in 2024. The price started the year below $100. Since then, it has built a clear uptrend.
This latest 12% gain adds to that strength.
More importantly, the rally has come with rising trading activity. Buyers are stepping in. That shows belief in the move.
Technical signals are improving too. Momentum indicators suggest that bulls are gaining control.
Traders Stay Cautious
Still, not everyone is fully bullish. The $120 level remains a big hurdle. If Solana fails to break it, the rally could fade.
Some fear another rejection. If that happens, prices may fall back to $110 or $105. That would put bulls on the defensive.
The market remains fragile. Any shift in investor mood could reverse the gains.
Traders are being careful. Many are watching to see if volume supports the next move.
Momentum Could Drive Breakout
If Solana can clear $120, momentum could do the rest. A clean breakout might bring in more buyers.
In that case, $126 becomes the next target. Beyond that, $130 is possible.
For now, the focus is short term. Solana is trying to stay above $115. The market is watching closely.
Any rejection at $120 would be a warning sign. But a breakout would confirm strength.
Final Thoughts
Solana’s sudden 12% surge has brought it close to a key resistance. The broader market’s recovery has helped.
Traders are now focused on the $120 level. A clear break above it could lead to more upside. But hesitation at this point might slow things down.
Still, SOL remains one of the strongest altcoins in the market right now. The trend is up. The momentum is real. The breakout might just be around the corner.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
