Kraken: Solana (SOL) Faces Key Resistance at $120 Amid Market Recovery

Solana (SOL) has shown notable upward momentum, rebounding from the $100 support level and surpassing key resistance points. However, the cryptocurrency now faces a critical test at the $120 resistance wall. This article delves into SOL’s recent price action, its potential breakout scenarios, and the broader market context, including Bitcoin’s steady rise.

Solana (SOL) Jumps But Hits $120 Resistance Wall

Solana started a fresh increase from the $100 support zone and is now consolidating. The SOL price gained pace above the $110 and $112 resistance levels and broke above a connecting bearish trend line with resistance at $107. However, it is now struggling to clear the $120 resistance zone. If SOL clears this zone, it could start a fresh increase. Solana price formed a base above the $100 support and gained over 10%.

Bitcoin Price Rises Steadily—But Can the Rally Hold This Time?

Bitcoin price started a fresh increase above the $82,500 zone and consolidated gains, potentially attempting to clear the $85,850 resistance. The price broke above a connecting bearish trend line with resistance at $84,500 on the hourly chart. A high was formed at $85,850 before a downside correction began. BTC is currently trading above $82,500 and the 100 hourly Simple Moving Average.