- SOL Holds $121 Support in Order Block Zone
- Inverse H&S Pattern Targets $190 Breakout
- 32M SOL Bought Between $121–$130 Range
Solana is currently approaching a critical support area around $121, which many traders are identifying as a possible re-entry level. The price structure suggests that this zone, previously a swing low, could now act as a base for a move toward $144.
Solana Finds Support Near $121 as Market Eyes Breakout
According to analysis prepared by TradingView, Solana is testing a key demand zone after recently breaking out from a descending trendline. The $121 level aligns with a prior swing low and falls within a known order block zone. This area is now acting as dynamic support on the 4-hour chart.
The chart also shows an inverse head and shoulders (IH&S) pattern with a neckline near $135. If price rebounds from current levels and breaks above the neckline, the projected target for this pattern is around $190. The Relative Strength Index (RSI) remains neutral, indicating that price can move higher without encountering overbought resistance.
On-chain data from Glassnode shows over 32 million SOL were accumulated in the $130–$121 range. This accounts for about 5% of the total SOL supply and signals strong buying interest at these levels. With SOL now consolidating above its 200-period 4H EMA, the $121 level is seen as a logical point for long positions targeting $144.
Canada’s Spot Solana ETFs Provide New Market Access
According to a report from Cointelegraph, the Ontario Securities Commission approved the first spot Solana ETFs on April 16. Firms like 3iQ Corp., Purpose Investments, and Evolve Funds listed the ETFs on the Toronto Stock Exchange.
“We are very proud and excited that Canada is [a leader] again in crypto,” said Vlad Tasevski, Chief Innovation Officer at Purpose Investments. These ETFs offer direct access to Solana’s spot price, different from futures-based ETFs currently seen in the U.S.
This regulatory move could support growing institutional demand.As Solana holds above $121, traders are targeting the $144 resistance. A move above this level could confirm a broader trend reversal.
