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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.
Currently, 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.