Crypto traders have noticed a strong support line on the Solana price chart, which some believe is the launching pad for a "big" move up in the near future.
It looks like SOLAN is holding at $120, veteran trader Peter Brandt wrote in a September 20 post. Brandt was referring to SOLAN's price movement on the daily chart, which shows that SOLAN has been consolidating in a rectangle with the lower boundary of $120 as support since mid-April. This rectangle could trigger a significant rally. Another trader from TraderKoz expressed a similar opinion, noting that SOLAN has successfully tested $120 on three recent occasions, which reinforces the importance of this level for buyers.
In TraderKoz's opinion, those considering a long position in #SOL should wait for a retest of the zone between $135 and $BTC Among the top 10 cryptocurrencies by market capitalization, #Solana (SOL) has shown the highest growth rate (8.82%) over the past seven days, outperforming #bitcoin (BTC) by 6.45%, according to data from CoinMarketCap.
In data from crypto trader CryptoZhi, the Solana cryptocurrency is trading at $148.50 at the time of publication and appears ready to extend its bullish momentum to reach its short-term target of $BTC futures traders are also expanding their positions within the bullish pattern.
According to Coinglass data, open interest (OI) volume - a measure of the total value of all open futures contracts on the exchange - rose 12.5% over the past three days to $2.34 billion.
additional data from DefiLlama shows that Solana's total #blockchain value (TVL) has declined since the end of August, but has risen slightly over the past three days, from US$4.66 billion on September 18 to US$5.15 billion on September 20.
Analogously, data provided by the Dune Analytics dashboard shows that between August 14 and September 19, daily transactions on the Solana blockchain increased from 4,630 to 8,023.
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