Will Solana Rise After Holding $120 Support?
From the $120 support level tested many times since April 2024, Solana has rebounded above $150. This makes traders expect a big increase for the SOL token when the general market is also showing signs of recovery.
Trader Peter Brandt shared on X on September 20, 2024 that the $120 level has become the key level for SOL after testing 3 times and the chart has formed a rectangular box structure. When approaching the upper edge of the rectangular box, there is a high possibility of a breakout and creating a new ATH.
Another trader named Koz commented that Solana needs to surpass $140 to confirm the uptrend.
Data from Coinglass shows that SOL's open interest volume has increased by 12.5% to $2.34 billion in 3 days, reflecting positive sentiment among traders. Solana's total value locked (TVL) has been slightly down since August 2024. However, it has shown signs of recovery in the past 3 days.
This is a good sign that the network is gradually becoming more active again. This will be a sustainable driving force for the price action of the SOL token.
