Solana Reclaims $120 Support, Signaling Bullish Momentum
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Support Reclaimed: Solana's successful reclaim and retest of the $120 support level confirms buyer strength, indicating robust demand at this price point and potentially laying the groundwork for future upside.
- Seller Exhaustion Signal: The failed auction below support suggests seller exhaustion, as they were unable to push prices lower, thereby enhancing buyer control in the market.
- Volatility Compression: The compression of the Bollinger Bands indicates an impending volatility expansion, which historically precedes significant price movements, suggesting a bullish trend may be on the horizon.
- Market Structure Shift: Holding above the $120 price level positions Solana favorably for continued upward movement, with a breakthrough of the Value Area High further confirming bullish sentiment in the market.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
