Solana (SOL) is currently eyeing the $140 milestone, as hinted by some key metrics. Specifically, the Relative Strength Index (RSI) shows an upward curve, indicating a possible Solana price reversal.
Can Solana hit $140 soon?
According to CoinMarketCap data, Solana is currently priced around $124, up 1.9% over the past 24 hours. Additionally, the trading volume increased by over 93.8% to $3.53 billion, as investors continued to accumulate the coin.
Further analysis of the price chart showed SOL holding the $118-120 support zone. This is a key psychological and historical level that buyers have defended in past corrections.
Thus, if this level holds, it could trigger a short-term bullish correction, as sellers exhaust and the RSI avoids falling below 30.
Solana Price Chart | Source: TradingViewCurrently, the RSI is at 41.82, neutral-bearish territory. It suggests sellers have reduced selling pressure, but buyers have not fully stepped in yet. This could lead to a bounce if momentum shifts, as RSI often leads price reversals on trending markets.
Additionally, SOL has stabilized near $120 support levels, hinting at exhaustion, as volume spiked to new highs on recent lows.
For Solana to reach $140 from the current $124 level, it would require a price increase of approximately 13%. This is a modest rebound, given that SOL has an all-time high price of $295.
Solana ecosystem developments to watch
Solana continues to attract DeFi and NFT projects due to its high-speed, low-cost network.
A major upcoming catalyst that could trigger a future price rally is the upcoming integration between Solana and Cardano.
Cardano Founder Charles Hoskinson and Solana Founder Anatoly Yakovenko have agreed to establish a cross-chain bridge between the two networks.
The bridge would allow Solana to get access to ADA holders’ liquidity. At the same time, it would also increase the utility of ADA, allowing it to be used outside its own ecosystem.
Another factor to note is a potential holiday bullish rally into the Bitcoin (BTC) market. Top cryptocurrencies, including Solana, often move with Bitcoin, which is up 1.3% today.
Hence, post-holiday liquidity could help lift sentiment for SOL, especially if institutions continue to increase their stake.
Notably, the Solana ETF has seen massive adoption since launching in late October.
Source: https://u.today/solana-price-to-140-key-metric-hints-potential-reversal
