- $120 Zone Emerges as Solana’s Trend Pivot Point
- TVL Hits 3-Year High, Showing DeFi Growth
- $200M Token Unlock Could Trigger Volatility
Solana (SOL) is trading near a critical level of $120, which has historically served as a key trend indicator. The asset recently bounced from $114.57 and is now priced around $119.08. Traders are watching this zone closely as it could determine the next direction. The $120 area has previously marked major reversals, and current market conditions suggest another turning point could be near.
Support Holds as Buyers Return Around $114.57
Solana has seen steady support near $114.57, with daily chart data showing long lower wicks around this price. This price zone, according to analyst Ether Wizz, had acted as resistance during several months in 2023 and early 2024.
Now serving as support, it shows buyers are stepping in again at these levels.If this level continues to hold, the next resistance lies at $135, which may act as a short-term target. A breakout above that could open space for price action towards $180.
However, any drop below $110 could lead to further weakness and test lower demand areas. The $120 zone remains the current pivot area and could shift the short-term trend depending on buyer strength.
Mixed Technical Readings as Market Monitors $200M Unlock
Technical signals remain mixed, though some indicators are beginning to shift. The Relative Strength Index (RSI) is at 44, showing the market may be slightly oversold. It has been trending upward, suggesting a possible increase in buying momentum.
The Awesome Oscillator is still negative, but the histogram is turning green, which may indicate changing momentum.Meanwhile, Solana’s Total Value Locked (TVL) has reached $56 million, the highest in almost three years.
This shows increased usage of DeFi platforms on the blockchain, which can affect demand. However, a $200 million token unlock expected soon could add more volatility. On-chain data shows this will be the largest single-day unlock until 2028.
