The support level of $120 for Solana cryptocurrency is becoming increasingly crucial for its future market dynamics. Analysts highlight this mark as key to further growth.
Analysis of the $120 Level
According to analyst Ali Martinez, $120 is acting as a foundational support zone, and holding this level is essential to maintain bullish momentum. Data published on May 6 shows that the price has bounced off the $120 mark multiple times in recent weeks, indicating strong buying pressure.
Future Dynamics of Solana
If Solana continues to trade above $120, it opens the door for another leg up toward resistance zones near $135–$140. However, a confirmed breakdown below this level could trigger a deeper correction, with downside targets potentially revisiting the $100–$105 range.
Recommendations for Traders
Traders are advised to watch the $120 level closely as a decision point in Solana's ongoing trend. The behavior of the asset around this support could determine its short- to mid-term price action.
The $120 support level for Solana significantly influences its future price. Traders should base their key decisions on the asset's positioning relative to this price point.
