Crypto traders are noticing a clear support level forming on the chart of Solana (SOL), which is reinforcing the belief of some investors that a significant rally is imminent.
“It looks like Solana has found strong support at $120,” veteran trader Peter Brandt wrote in a post on September 20. Analyzing SOL’s price movements in recent days, Brandt emphasized that there has been a consolidation below this level since mid-April.
Another crypto analyst, TraderKoz, shared a similar view, noting that SOL has successfully tested $120 three times in the recent period, and that this level is of critical importance for buyers. TraderKoz stated that investors should wait for a retest of the level between $135 and $140.
Solana, which is among the top 10 cryptocurrencies by market value, has gained 8.82% in the last seven days, outpacing Bitcoin, which rose 6.45% in the same period. Cryptocurrency trader CryptoZhi stated that Solana is currently trading at $148.50 and has a short-term target of $160, adding that they are ready for the upward momentum to continue.
Futures traders are also trying to adjust their positions for the uptrend. The total value of open positions on exchanges has increased by 12.5% in the last three days, reaching $2.34 billion. According to additional data from DefiLlama, Solana’s total value locked (TVL) has been on a decline since the end of August, but has seen a slight increase in recent days from $4.66 billion to $5.15 billion.
Dune Analytics data also shows that the number of daily transactions on the Solana network increased from 4,630 to 8,023 between August 14 and September 19. The increase in TVL and on-chain transactions indicates that the network’s activity and adoption is increasing. Increased user engagement could lead to increased demand for SOL, positively affecting its price.
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