Solana just posted one of its strongest single-day gains this month. The price of SOL jumped more than 12% overnight. This sharp upward move follows a broader rebound in the crypto market.
At the time of writing, Solana is trading just above $115. The coin gained more than $12 in value in less than 24 hours. Only a day ago, SOL was struggling to hold above $102.
Crypto Market Bounce Helps SOL Surge
From: TradingView
This price rally wasn’t just limited to Solana. It came as the entire crypto market showed signs of strength. Bitcoin climbed over 4.5% during the same time frame. Ethereum also rose by 3.6%.
Across the board, altcoins began to rise. This broader movement signals growing investor confidence.
For Solana specifically, this move is a turnaround from recent price pressure. Last week, SOL fell below the $100 mark. It had been struggling with declining volume and market-wide bearish sentiment. Now, that sentiment appears to be shifting.
Cooling Inflation Sparks Optimism
Part of this bullish movement is tied to macroeconomic data. Inflation in key global markets appears to be cooling. Traders see this as a sign that central banks might ease up on interest rate hikes.
This shift in economic tone has boosted investor appetite for risk. As a result, money is flowing back into digital assets.
Solana, which tends to react strongly to changes in sentiment, has become one of the top beneficiaries of this rebound.
$120 Resistance Becomes the Focus
With the current surge, many eyes are now on the $120 price level.
This resistance has proven tough in the past. Solana has attempted to break through $120 multiple times over the past month. Each time, it faced rejection.
However, the current momentum is stronger. Technical analysts are beginning to believe that this time could be different.
If SOL manages to break above $120 with solid volume, analysts expect the next short-term targets to be $126 and $130.
Breaking these levels could solidify Solana’s bullish breakout and confirm a stronger uptrend.
Momentum Builds for Solana
Solana has had a remarkable year so far. It started 2024 trading below the $100 mark. Since then, it has steadily climbed into one of the top-performing altcoins.
Despite market volatility, SOL has consistently attracted investor interest. Part of the appeal lies in its ecosystem growth and strong developer activity. But for now, the price action is driving headlines.
The current uptrend has been supported by rising trading volume. More buyers are stepping in. Technical indicators like RSI and MACD are also turning bullish.
All of this points to building momentum. If it holds, Solana could see further gains in the short term.
Risk of Pullback Still Present
Even with the recent price surge, risks remain. The $120 resistance is a critical zone. If Solana fails to break above it, a short-term pullback could occur.
Some analysts warn that without sustained volume and positive sentiment, SOL might revisit support levels near $110 or even $105.
The crypto market is still sensitive to broader news and investor behavior. A sudden shift in sentiment could easily reverse gains.
Traders should remain cautious. Volatility remains high. Price swings can happen quickly and without much warning.
Final Thoughts: All Eyes on $120
Solana’s overnight 12% rally is one of the most notable moves in the crypto space this week. It reflects a broader market recovery and renewed interest in altcoins.
The $120 level now acts as the key technical barrier. A successful breakout above this line could open the door to new highs in the short term.
But the market remains fragile. For Solana to keep climbing, it needs strong volume, steady sentiment, and continued market-wide momentum.
For now, traders and investors are watching closely. The next few hours could determine whether SOL breaks out—or faces another rejection.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
