SOL Price Predicted to Target US$120 in Its Surge

In the dynamic crypto world, Solana (SOL) has recently emerged as a standout player, showcasing bullish market trends that have caught the attention of investors and analysts alike.

Over the past ten days, SOL has witnessed an impressive surge approaching 10 percent, strengthening its position as a top contender in the Layer-1 (L1) blockchain space. This remarkable performance not only underscores the strength of Solana's market structure but also highlights its potential as a leading blockchain technology.

SOL Price Targeting US$120

A recent report from AMBCrypto has unveiled how Solana has outpaced its competitors, including Ethereum (ETH) and Tron, in several key metrics.

This analysis indicates growing interest in Solana as a viable alternative to other established blockchain platforms, highlighting its efficiency, speed, and scalability.

The findings of this report serve as evidence of Solana's strengthening position in the crypto market and its ability to offer attractive advantages compared to its rivals.

Despite facing a challenging period in January, during which SOL experienced a bearish trend and saw its value drop to US$79, the resilience of its market structure became evident as buyers swiftly stepped in to initiate a recovery.

This rapid response to the market downturn reflects a strong community and investor confidence in Solana's long-term potential. The question now arises, how high can this surge push the SOL price?

The breaking of the bullish market structure on January 30, when SOL surged past a new higher low at US$103.6, marked a significant turning point. This development not only reversed the bearish trend but also established a new support zone between US$93 and US$95, indicating a strong foundation for future upward movements.

As of the latest observations, the important higher low to monitor is at US$103.4, with a drop below this level potentially signaling a bearish shift. However, current technical indicators suggest that upward momentum is likely to continue.

This shift indicates a significant increase in buying volume over the past two weeks. Furthermore, the RSI indicator stands at 56 on the 12-hour chart, reflecting sustained bullish momentum.

This technical analysis supports the observed positive price action, pointing to continued upward movements for SOL.

Looking ahead, the US$126 level emerges as the next significant target for Solana. This projection is supported by an analysis of liquidation levels over the past month, which identified the US$120 region as a key area of interest for prices due to the significant amount of liquidation levels present.

Similarly, the range of US$105-US$107 has been highlighted as another critical zone, with liquidation levels in this area estimated between US$1.2 billion to US$1.5 billion. This insight suggests that before any price changes, these liquidity pockets are likely to be tested.

As a result, movements towards the US$120-US$125 area could present an opportune moment for investors to consider selling, while declines to the US$105 range may offer strategic buying opportunities.

A deep understanding of Solana's market dynamics and liquidation levels provides valuable guidance for investors navigating the volatile crypto asset landscape.