Solana (SOL) has rebounded strongly from the $120 support level, a key zone tested multiple times since April 2024, now pushing above $150. This upward momentum is sparking optimism among traders, especially as the broader crypto market shows signs of recovery.
Veteran trader Peter Brandt noted on X (formerly Twitter) on September 20, 2024, that SOL’s $120 level has been a critical support after three tests, forming a rectangular box pattern on the chart. He suggested that if SOL approaches the upper edge of this structure, it could break out to create a new all-time high (ATH).
Attention all cryptomaniacs.
Looks like $SOL $SOLUSD held support at $120
This could become a rectangle capable of launching a sizable advance pic.twitter.com/id0eTzzsVW— Peter Brandt (@PeterLBrandt) September 20, 2024
Another analyst, Koz, emphasized that for Solana to confirm its bullish trend, it must surpass the $140 mark. He advised traders looking to enter the market to wait for a price correction between $135 and $140.
Literally a perfect triple tap (form a low, sweep, retest original low)
Any retest of the mid to high 130s is a buy imo pic.twitter.com/26Fj2SqiiF
— TraderKoz (@TraderKoz) September 20, 2024
SOL, a top-10 cryptocurrency by market capitalization, has surged by 8.82% over the past week, outperforming Bitcoin’s 6.45% rise. As of September 21, 2024, SOL is trading at $148, with projections by CryptoZhi indicating it could soon hit $160.
$SOL/USDT has been on a strong upward trajectory! 🚀 We’ve successfully hit both TP1 and TP2, signaling that our strategy is spot on. 📈 After completing a retest at the $138 level, the price surged past $140, hitting TP1 and continuing its bullish momentum. 🎯 Now that TP2 at… pic.twitter.com/R14er9u7bl
— CryptoZhi (@X_cryptozhi) September 20, 2024
Data from Coinglass shows SOL’s open interest increased by 12.5% to $2.34 billion in just three days, a sign of growing bullish sentiment. While Solana’s total value locked (TVL) slightly declined since August, there have been signs of recovery in recent days, signaling a revival in network activity and providing long-term support for SOL’s price movement.
Traders are watching closely, as Solana’s performance could be indicative of larger market trends in the coming weeks.
Related news: Solana Hits Record with Over 5 Million Daily Active Addresses
