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$SOL Price Analysis: $120 Dip Likely, But Onchain Data Signals Strength

📊 Solana ($SOL )Price Outlook

SOL’s daily chart shows a bearish head-and-shoulders pattern, signaling a potential drop to $120 if the $140 neckline breaks with high volume. The $95-$120 zone is a key demand area, likely to attract buyers. A close above $157 could invalidate this bearish setup.

📡 Onchain Strength

Despite the dip, Solana’s fundamentals shine:

• NVT Ratio: Dropped below 10 (lowest since Feb 2025), indicating strong network usage relative to market value.

• Exchange Net Position: Consistent SOL withdrawals from exchanges signal investor accumulation, with a recent uptick in deposits aligning with the current price dip.

⚡ Key Takeaway

While $SOL may test $120, onchain metrics like low NVT and exchange outflows suggest long-term bullish potential. Keep an eye on BTC’s $100K support, as it could impact SOL’s trajectory.