SOL price bounced off the $120 support multiple times since April, leading traders to believe that the current market recovery will lead to an explosive rally.
Crypto traders have zoomed in on the emergence of a strong support line on Solana’s price chart, leading some to believe it is the launch pad for a “sizable” upside move in the near future.
“Looks like $SOL held support at $120,” veteran trader Peter Brandt wrote in a Sept. 20 post. Brandt was referring to the Solana’s price action on the daily chart, showing SOL’s consolidation in a rectangle with lower limit of the rectangle at $120 acting as support since mid-April.
BTC/USD daily chart. Source: Peter Brandt
