Solana (SOL) Price Prediction: Will the Price of Solana (SOL) Break $120 Next?

 

On Saturday, the price of Solana (SOL) appears to be exhausted near the higher levels. As accumulation increases near the demand zone, buyers stayed committed to the coin for about $88.0. The price pushed near $115.0 due to the unwavering strong sentiment.

• After testing two-week highs, the price of Solana (SOL) halted.
• If SOL breaks through $120 in the near term, expect more gains.
• At $145.0, the price is still trading below the 200 DMA.

The price of SOL is still under pressure around two-week highs.

On the daily chart, the formation of "Doji" candlesticks on Thursday following the bulls' rejection near the higher levels indicates that investors are not ready to give up on the coin easily. In a retaliatory action, the price tested the same level once more. This is a critical trading level, and acceptance above $120 is required for traders to maintain upside momentum.

Source: Trading View

The momentum oscillator Daily Relative Strength Index (RSI) holds near 47 that indicating SOL is still not out of the woods.

Since November, the price of SOL has dropped nearly 60%, testing the lows of $80.00 last seen in August. Looking at the current price action, it is possible that SOL will breach the inflection point at $141.19 in February. This represents a 16% increase in SOL price from current levels.

Next, the market participants could gather the momentum to take out the $175 horizontal resistance zone.

Solana has launched a new payment platform Solana Pay that marks the entrant of SOL into Defi space. Further, as per the experts, Solana Pay will take the market by storm. It is highly anticipated that the being the fastest blockchain Solana Pay will process more transactions in seconds.

Alternatively, if the SOL price ended below the week's high, all bullish arguments would be rendered null and void. Failure to maintain the old support zone near $80.0 would trigger a new round of selling in the coin.