Solana’s Price Prediction: Here’s why $90 holds can go back to $120
$90 will serve as critical support for Solana's price to move higher. A short-term wake-up call supports a possible rebound. Breaking $100 could pave the way to $120.
Solana (SOL), currently at around $91.90, has faced significant bear pressure in recent months.
The token has seen a steady decline from previous highs, but recent technical signals suggest that a rebound may be in play.
The $90 level is emerging as a key support level, which, if held, could trigger a strong upward move.
Technical analysis
The immediate support level at $90 has been tested several times in recent weeks, and the closer Solana gets to it, the more buyers come in to prevent further declines.
Technical charts show that it is important to hold this level because a break below it will lead to a retracement to $77.
On the other hand, holding $90 would provide a basis for bulls to move higher.
Momentum indicators show a mixed picture, with short-term charts indicating strength, although some oscillators are still indicating caution.
This indicates that despite the potential for upward movement, the market is awaiting confirmation.
Trading volume increased slightly last month, reflecting renewed interest among traders.
Yet, activity on the chain has slowed down, indicating fewer transactions on the network.
This high transaction volume and low utilization on the chain leads to a short-term rally in speculative demand.
Why is it possible to return to $120?
Technical support, increasing volume and potential bullish momentum will make the $120 target a reality if it holds $90.
If Solana holds $90, the path to $96.47 is relatively clear.
Once $96.47 is broken and sustained, a move towards $120 would be plausible.
This represents a gain of nearly 30% from current levels, making it an attractive scenario for bullish traders.
Historical patterns also support this possibility.
In previous cycles, Solana has seen rapid rallies after establishing such strong support levels.
Short-term momentum is improving, and daily momentum indicators such as Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are turning more positive.
The MACD histogram is above the middle line, and the signal line has moved above the main MACD line, and the RSI has rebounded above 50 after a slight dip, indicating that it may recover in the near future.
This suggests that buyers are gaining control, at least in the near term.
However, caution remains as any break at the $96.47 resistance could lead to a sideways trade or a complete collapse.
Additionally, the market is sensitive to broader cryptocurrency trends, and a strong rebound in Bitcoin (BTC) and Ethereum (ETH) could push Solana's price higher, while weakness in these coins could offset Solana's gains.
