Solana (SOL) Price Prediction: Consolidation Nears Breakpoint With $120 Support in Focus

Solana is currently hovering around the $130 mark and is still struggling to gain momentum. As we highlighted in our previous analysis, SOL did gain some momentum following a bullish divergence on the daily chart earlier this month, but that move did not lead to a sustained rally as the price faced another rejection at the $145 mark. Things have been relatively quiet for SOL over the past couple of months, and we have not seen any major pushes from either side to break the current range. Right now, with the broader market also losing momentum, we could expect SOL to continue this downtrend and aim for lower levels. We will now take a look at the latest Solana charts to see where the price could be headed in the coming days.

Our Solana Price Prediction Summary

• Solana is currently range-bound between $120 and $145 with a lack of volume indicating a potential breakdown.
• The invalidation of the recent bullish divergence on the daily chart suggests that the bearish trend is regaining control.
• A break below the critical $120 support level would likely lead to a test of the $110 or $100 price targets.

Analyzing the Charts

Consolidation and Range-Bound Movement

If we look at the latest 4-hour charts for SOL, the first thing we can notice is that the price has been going back and forth between the support at $120 and the resistance at $145 for the past two months. Solana has been range-bound and consolidating within this zone, showing a lack of volume and a lack of conviction from either side. However, with Bitcoin breaking below a crucial support level and altcoins bleeding across the board, we can expect Solana bears to challenge the $120 support harder and potentially push below it. On the other hand, a bounce from this level would stabilize the price once again, which could lead to further sideways movement for SOL.

Daily Timeframe and Invalidated Signals

If we switch to the 1-day timeframe, the consolidation zone is clearly visible, showing that the price has been range-bound for quite some time now. We can see that the last time the price retested the $120 support, a bullish divergence was forming on the daily RSI which resulted in a small relief rally. However, that rally was quickly halted by the $145 resistance and failed to establish a higher high. With that bullish divergence now invalidated and momentum leaning bearish, we are expecting the price to break below the $120 mark. In that scenario, the first major level we will be eyeing is the $100 area, as it has served as a psychological and structural support level in the past.

Long-Term Structure and Weekly Outlook

Lastly, switching to the 1-week timeframe provides a broader perspective on why the $120 area is such a critical level for Solana. After the recent correction, the price has the potential to find a floor here because this zone has acted as a reliable support during previous bearish runs. It is also important to note that during the last significant move lower, the price briefly dipped to $110 before finding enough demand to bounce. This makes a move toward that secondary level quite likely, especially considering the current trend as the market struggles to reverse its momentum. If the buyers cannot maintain control at the current support, we will likely see a test of that $110 mark to determine where the true long-term bottom resides. This structural weakness is why our current Solana price prediction remains leaning toward the bearish side.

Final Takeaway: What is Next for SOL?

To sump things up, Solana remains in a prolonged period of consolidation, caught between the $120 support and $145 resistance. While the price is currently hovering around $130, the exhaustion of recent bullish signals and the invalidation of the daily RSIbullish divergence suggest that a breakdown is increasingly likely. Given the current lack of buying volume and the broader bearish pressure from Bitcoin, a push below $120 could lead to a test of the $110 or even $100 levels. Until the price can decisively reclaim and hold the $145 mark, the short-term outlook for SOL remains cautious with a bias toward the downside.