Solana (SOL) has the capability of going past $120 if the coin manages to hold the support level at $75, says the analyst. This bullish remark from the analyst comes at a time when DigiFT and SBI Global Asset Management Co., Ltd. announced the launch of the SBI Japan High Dividend Equity Strategy Token (“JX token”) on the Solana network.
SOL could go past $120 if it holds $75 level
Crypto analyst Michael van De Poppe stated that if Solana manages to hold above the $75 support level, it would have a chance of aiming at $120. In the post below, Solana started a new rally of making higher lows, and it seems like it was establishing this new rally. With Solana making a new higher low at $75, the analyst expects the coin to hold onto this level for the trend to continue.
Will Solana hold above the $75 level?
As shown in the chart below, Solana is forming the symmetrical triangle. During the formation of this triangle, the coin has also made significant ground above the 50-day moving average. Holding above this moving average while compressing within the symmetrical triangle strengthens the bullish setup, as the moving average acts as dynamic support and the triangle stores momentum for a potential breakout. If buyers defend the 50-day moving average and SOL breaks above the triangle’s upper trendline with strong volume, it could trigger the next leg of the rally.
But looking at the relative strength index indicator, the uptrend seems to be losing some momentum. The Relative Strength Index (RSI) suggests the uptrend may be losing momentum, as the indicator has started to turn lower. So at this point, it is hard to define whether Solana will hold above this level.
SOL’s symmetrical triangle makes the breakout direction unpredictable
And to make things worse, the symmetrical triangle can also break in both directions. This is because the pattern represents a period of equilibrium between buyers and sellers, with neither side able to establish clear control. As the price approaches the apex of the triangle, volatility typically compresses until a catalyst or surge in trading activity forces a breakout. A move above the upper trendline would signal that buyers have gained the upper hand, while a break below the lower trendline would indicate that sellers have taken control. Therefore, traders often wait for a confirmed breakout with strong volume before determining the next directional trend.
Meanwhile, DigiFT, a regulated digital asset exchange specializing in institutional-grade real-world assets, partnered with SBI Global Asset Management (SBI GAM), a subsidiary of SBI Holdings, to launch the JX token on the Solana blockchain.
The token gives accredited and institutional investors on-chain access to a Japanese high-dividend equity fund managed by SBI Asset Management (SBI AM). The launch marks the first time a Japanese asset manager has tokenized a listed-equity investment strategy using DigiFT’s regulated issuance and distribution infrastructure.
