Cryptocurrency traders are sharing their observations that Solana (SOL) is bouncing from a significant support level on its chart. This reinforces the belief of some traders that a significant upward move is coming in the future.

“It looks like Solana has found solid support at $120,” experienced trader Peter Brandt said in a September 20 post. Brandt examined SOL’s price action in recent days and stated that there has been consolidation below this level since mid-April.

Another crypto analyst, TraderKoz, shared a similar view and stated that SOL has successfully tested the $120 level three times in the recent past and this level has become important for buyers. TraderKoz suggested that investors should wait for a retest of the $135 to $140 level.

According to CoinGecko data, Solana, one of the top 10 largest cryptocurrencies by market cap, has increased by 8.82% in value over the past seven days, far outpacing Bitcoin, which has increased by 6.45% over the same period.

What Are Solana's Short Term Goals In USD?

Cryptocurrency trader CryptoZhi stated that Solana is currently trading at $148.50 and his short-term target is $160, saying he is ready to continue the bullish momentum.

Futures traders are also trying to adjust their positions in line with the uptrend. According to CoinGlass data, the total value of open positions on stock exchanges has increased by 12.5% ​​over the past three days to $2.34 billion.

According to additional data from DefiLlama, Solana has experienced a decline in total value locked (TVL) since late August; however, there has been 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 increased network activity and adoption. It is believed that increased user engagement could lead to increased demand for SOL and positively impact its price.

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