Solana has made a major move. Within a single day, the price of SOL surged by over 12%, jumping from around $102 to above $115.
This sharp rally comes at a time when the broader crypto market is also bouncing back. Altcoins are showing signs of strength. Bitcoin and Ethereum are recovering. But Solana is clearly leading the charge.
Now, the focus shifts to a familiar number—$120. It’s a level Solana has struggled to break. But with this momentum, the next test may come sooner than expected.
Market Recovery Fuels Solana’s Rally
From: TradingView
Solana’s breakout didn’t happen in isolation. The overall crypto market is climbing.
Bitcoin gained 4.5% in the same 24-hour window. Ethereum rose by 3.6%. The rally extended to smaller tokens, too.
This broad recovery comes after days of weakness. Just last week, Solana dipped below $100. Sentiment was bearish. Selling pressure dominated.
That narrative is changing quickly. Buyers are stepping back in. Confidence is growing.
Inflation Data Changes the Tone
A key reason behind this shift is global macro data. Inflation appears to be cooling.
That’s a positive signal for risk assets. If inflation slows, central banks may pause interest rate hikes. That’s exactly what crypto traders want to hear.
As optimism spreads, capital is flowing back into digital assets. And Solana is one of the biggest winners.
$120 Resistance Is Back in Play
With SOL now above $115, the market is once again eyeing the $120 resistance.
This level has proven to be a challenge. Over the last month, Solana has made several attempts to break it. Each time, it got rejected.
But the setup looks stronger now. The rally is backed by improving sentiment and rising volume.
If Solana manages to clear $120 convincingly, short-term targets shift to $126 and $130.
Strong Start to the Year for SOL
Solana has been one of 2024’s standout performers. After beginning the year below $100, the token has steadily climbed.
Despite recent dips, its uptrend has remained intact. The latest 12% move reinforces that momentum.
Technical indicators are turning bullish. Volume is increasing. Traders are showing interest again.
Buyers Return, But Risks Remain
While the price action looks strong, not everyone is convinced yet.
The $120 level is still a major barrier. If Solana fails to break through, it could face another pullback. Support levels near $110 and $105 would then come into focus.
The market remains sensitive. Volatility is high. A single shift in sentiment could reverse gains.
That’s why many traders are still cautious. They’re waiting for confirmation.
Momentum Favors the Bulls
Despite the risks, the current trend is clear. Solana has momentum. And momentum often leads the way in crypto.
If SOL can break through $120 with strong volume, a quick move to higher levels is possible. Traders are already eyeing $126 as the next target. A push beyond that could bring $130 into reach.
But for now, the market is watching. Everything depends on that $120 line.
Conclusion
Solana just delivered a powerful 12% surge in a single day. The broader market helped, but SOL outperformed most tokens.
The $120 resistance is now the key focus. Break it, and Solana could see even more upside. Fail, and short-term pressure may return.
Either way, Solana is once again in the spotlight. The next few sessions could be crucial.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
