Solana is holding above the $75 price, and given that the coin continues to keep this position, an analyst predicts that it could hit $120. Although SOL has consistently held above this support level on the daily chart, the higher time frame shows that SOL is still crashing.
Crypto analyst Michael van de Poppe mentioned that if Solana keeps holding onto the support level at $75, as it has been doing for the past few days, there is a high chance it could hit $120.
This suggests that strong selling pressure and profit-taking emerged near the $98–$100 resistance zone, preventing buyers from extending the rally. For Solana to reach $120, it would first need to break decisively above this resistance with strong trading volume, convert it into support, and maintain bullish momentum.
A sustained breakout above $100 would likely encourage additional buyers to enter the market, increasing the chances of a move toward the analyst’s $120 target. The relative strength index has already started to drop and make lower highs and lower lows, suggesting that the bulls are losing momentum.
SOL is bearish on weekly chart
Even on the higher time frames, it does not look like Solana could be heading towards $120 in the coming months. For instance, the broader trading pattern forms a double top.
A double top is a bearish chart pattern that typically forms after an extended uptrend and signals that bullish momentum may be weakening. It occurs when the price reaches a resistance level, pulls back, and then rallies again to approximately the same level before being rejected a second time. This creates two peaks of similar height, resembling the letter “M.”
The pattern suggests that buyers have attempted twice to push the price above a key resistance level but failed both times, indicating that sellers are becoming stronger. However, a double top is not confirmed until the price breaks below the neckline, which is the support level formed by the low between the two peaks. Once the neckline is broken, it often signals a trend reversal from bullish to bearish and can lead to a deeper correction.
If the price instead breaks above the second peak with strong trading volume, the double top is invalidated, and the uptrend is likely to continue.
