Recent technical charts and on-chain metrics for Solana (SOL) indicate that the cryptocurrency may have established a solid support level at $130, suggesting this price point could represent the cycle’s lowest trough. Market analysts highlight key data points including sustained accumulation by large holders, reduced exchange outflows, and stabilizing network activity as primary factors supporting this assessment.
The $130 level previously acted as a significant resistance zone throughout Q2 2024 before transforming into reliable support during recent market corrections. Technical analysis reveals SOL has consistently defended this threshold through multiple retests, with each subsequent bounce demonstrating stronger buying pressure.
Market participants are now observing whether SOL can maintain momentum above this established base. Should the current support hold firm, technical projections suggest a potential upward trajectory toward the $200 resistance zone. This price target aligns with previous range highs where SOL encountered substantial selling pressure throughout May and June.
Trading volume patterns and derivatives market data indicate growing institutional interest alongside retail accumulation. The convergence of these factors, combined with broader market recovery signals, provides a constructive backdrop for potential price appreciation. However, traders remain cautious of broader market volatility and recommend monitoring key resistance levels at $160 and $180 for confirmation of sustained bullish momentum.
