Which Is the Most Important Support Level for Solana?
According to analyst Ali Martinez, $120 is acting as a foundational support zone, and holding this level is essential to maintain bullish momentum.
A look at the chart published by Ali on May 6 highlights multiple bounces off the $120 mark in recent weeks.
Each time the price has approached this level, strong buying pressure has stepped invalidating $120 as a key area of demand. The horizontal structure suggests that this support is not just psychological but also technically significant, with price respecting it across multiple timeframes.
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.
With Solana positioned as one of the leading Layer 1 blockchains, how it behaves around this support could set the tone for its short- to mid-term price action. Traders are advised to watch this level closely as a decision point in SOLs ongoing trend.
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Text source: Coindoo
