Key Support Level Identified
Veteran trader Peter Brandt noted in a September 20 post that Solana appears to have held support at $120. He analyzed the daily chart and observed a consolidation pattern forming a rectangle, with the lower limit at $120 acting as a significant support level since mid-April. Brandt commented:
“This could become a rectangle capable of launching a sizable advance.”
Reinforced Buying Interest
Fellow trader TraderKoz echoed Brandt’s observations, highlighting that SOL has successfully retested the $120 level three times recently, underscoring its importance for buyers. According to TraderKoz, traders looking to go long on SOL should watch for a retest in the zone between $135 and $140.
Recent Performance of Solana (SOL)
Among the top ten cryptocurrencies by market capitalization, Solana has shown the highest growth over the past week, with an increase of 8.82%, outperforming Bitcoin’s 6.45% rally, according to CoinMarketCap data. As of the time of publication, Solana is trading at $148.50, with analysts suggesting it could reach a short-term target of $160.
Increasing Futures Activity
Futures traders are also expanding their positions in line with the bullish trend. Open Interest (OI)—the total value of all outstanding futures contracts—has risen by 12.5%, reaching $2.34 billion over the past three days, according to Coinglass data.
Growing Network Activity
While Solana has experienced a decline in total value locked (TVL) since late August, recent data indicates a slight increase, from $4.66 billion on September 18 to $5.15 billion on September 20. Additionally, daily transactions on the Solana blockchain surged from 4,630 to 8,023 between August 14 and September 19, as reported by Dune Analytics.
Conclusion
The increase in TVL and on-chain transactions on Solana signals growing network activity and adoption. As user interaction with the platform rises, the demand for SOL is expected to increase, potentially positively impacting its price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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