Bullish Sentiment Builds as Solana Prepares to Rally Crypto traders have zoomed in on the emergence of a strong support line on Solanaâs price chart, leading some to believe it is the launch pad for a âsizableâ upside move in the near future.
âLooks like $SOL held support at $120,â veteran trader Peter Brandt wrote in a Sept. 20 post. Brandt was referring to Solanaâs price action on the daily chart, which shows SOLâs consolidation in a rectangle, with the lower limit at $120 acting as support since mid-April.
âThis could become a rectangle capable of launching a sizable advance.â
Fellow trader TraderKoz made similar observations, noting that SOLâs price has successfully retested $120 three times recently, reinforcing the importance of this level for buyers.
According to TraderKoz, those looking to go long on SOL should wait for a retest of the zone between $135 and $140.
Among the top ten cryptocurrencies by market capitalization, Solana has seen the highest growth over the past seven days at 8.82%, ahead of Bitcoin (BTC) with a 6.45% rally, according to data from CoinMarketCap.
At the time of publication, Solana is trading at $148.50 and appears ready to extend its âbullish momentumâ to hit its short-term target at $160, according to crypto trader CryptoZhi.
Futures traders have also been expanding their positions amid the bullish patterns.