From the historical price trend of SOL, $120 has become an important support level, which has been successfully defended many times since April. Some traders believe that this phenomenon of repeated testing of support levels may indicate that SOL prices are about to usher in a sharp rise. After a period of range consolidation, SOL is expected to break the current trend and enter the rising channel.
In the short term, the increase in open interest in the futures market, as well as the recovery of TVL (total locked value) and on-chain trading activities, all indicate that the market demand for SOL may continue to rise. Although TVL has declined since the end of August, the recovery trend in recent days shows that network activity has gradually strengthened, further supporting bullish sentiment.
On the whole, SOL's strong support level and gradually recovering network activity have laid a good foundation for price increases. In the short term, SOL may hit the target of $160-170, but whether it can break through the key area of ââ$155 still needs to be closely watched.
