Solana (SOL) is trading at $122.01, experiencing a 1.11% decline over the past 24 hours. Despite the short-term price weakness, key technical indicators and market metrics suggest selling pressure may be easing and a potential reversal could be forming.
Trading volume has surged sharply to $4 billion, marking a 115% increase on the day. This elevated volume during a period of price stability is often interpreted as a sign of accumulation and active repositioning by traders, rather than broad distribution. The Relative Strength Index (RSI) currently stands at 41.82, which is in neutral-bearish territory but remains well above oversold conditions, a level where Solana has historically shown price stabilization.
The $118 to $120 price range is identified as a critical support zone, which buyers have successfully defended during previous corrections. Analysts note that the repeated defense of this level suggests sellers are encountering resistance, which could precede a short-term rebound. A move toward the $140 level would require an advance of roughly 13% from current prices.
From a broader technical perspective, analysts are observing a descending channel structure on shorter timeframes. Weakening sell volume hints at potential seller exhaustion near the $119–$120 support area. Some analysts, like The Cryptomist, suggest that holding above this zone could open a path toward $126. On higher timeframes, analyst Leviathan points to the $115–$120 zone as a pivotal multi-year cycle support, opening the possibility for a corrective bounce toward the $170–$190 range if demand returns.
Fundamentally, Solana's network continues to attract DeFi and NFT projects due to its high throughput and low costs. Steady ecosystem growth and institutional participation, including the adoption of investment products like exchange-traded vehicles introduced in late October, provide underlying support for the asset.
