Solana Price Target $120: Will It Be a Price Catalyst?
Solana [SOL] is currently consolidating inside a bear pennant pattern and is expected to continue to fluctuate in a narrow range over the next 4-6 weeks. In the short term, SOL may rebound, especially if Bitcoin liquidity increases, which is good for SOL bulls.
Currently, SOL is testing the low of the range between $122 and $187 and has fallen 21.7% since August 25. Although it has recovered recently, the declining OBV (volume on balance) and RSI (relative strength index) below 38 show that there is still downward pressure in the market.
If the SOL price revisits the $120 area, it may provide a buying opportunity, but traders need to remain cautious as further price corrections are still possible. Clearance levels of $140 and $150 to the north may drive the price higher, but it may also face fluctuations to $126 or even lower.
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