Key Takeaways
- Sol’s price holding above $120 support is a strong bullish sign as the price could look to bridge its first resistance of $138.
- A top crypto expert, Ali Martinez, hints at a possible price recovery into a high of $140.
- Solana investors remain optimistic despite a market crash of over 45% from a high of $295 to a region of $120.
Solana’s (SOL) has faced challenging price action in the past three months despite the price of SOL trading into an all-time high of $295 and also tipped as the best-performing altcoin in 2023 to 2025 with over 1180% within this period as crypto experts and investors believe current market setback is a step to much upside potential for Solana.
While the long-term price potential for Solana continues to look strong, the price of SOL needs to protect its price from falling below a region of $110 to $100. A close below this region, preventing price from being dominated by price, could see price trade into the lower region, leading to panic sales across the market.
Solana Crypto Experts And Traders Are Optimistic
Technically, Solana (SOL) is showing bullish signs of price recovery after holding successfully above $120, which acted as support as the price rebounded to the upside of $128. Ali Martinez, in his X post, suggested that the price of SOL continues to maintain a strong bullish channel despite suffering a scare of a possible dump to the downside.
Solana indications, such as the RSI (Relative Strength Index), point to a possible price recovery to the upside, as bulls would be looking to buy into the SOL price as it gears toward price recovery.
Ali Martinez has speculated that the price of SOL could attempt to rally towards $140, facing resistance around this region leading up to $150. If broken by SOL bulls to the upside, this could see a price rally from $180 to $190.
Solana (SOL) Liquidation Heatmap Points To Recovery
Source – SOL 3D Liquidation Heatmap From Coinglass
Following the price crash of SOL towards its low of $120, recording over 45% price crash within a few weeks of hitting its all-time high of $295 as the price of SOL faced uncertainty regarding its price direction.
With the price finding strong support around $120 and defending this zone on several occasions, there is high speculation that the price of SOL is gearing up for a possible price recovery as the price currently trades above $128, with strong bullish price action building up.
According to Coinglass data, the price of SOL has formed clear long and short liquidation zones around $122 and $135, respectively, as these zones correspond to SOL’s key support and resistance areas of $120 and $138, respectively.
Investors would be looking at SOL’s price reaction around this region to determine their next line of action, as SOL’s current market price action continues to look encouraging for the first time in weeks following the market crash.
Key SOL Support – $120
Key SOL Resistance – $138
Long Liquidation zone for SOL – $122
Short Liquidation zone for SOL – $135
