Solana Holds Near $121 as Traders Eye $150 Target in October

Solana's price has stabilized around $121 following its September rebound, with traders watching for a potential move toward $150 in October. On October 6, SOL was trading at $120.83, having fluctuated between $118.88 and $122. The token has been consolidating near this level after recovering from the mid-$90s in September, with the late-September high of $125 acting as the next key resistance.

The weekly TradingView chart highlights $125 as a critical pivot point, with a break above it needed to sustain an advance toward higher targets. The next significant resistance level is at $156.25, according to the Murrey Math indicator. Below the current price, support is found at $93.75. The weekly Average Directional Index stands at 30.21, indicating neither a strong bullish nor bearish trend.

Daily indicators show positive money flow, with the Supertrend remaining green at $107.22 and the Chaikin Money Flow at 0.23, suggesting buying pressure. Traders on X have identified support around $116, $119 and resistance at $126, $127, with some eyeing $150 as a potential October target if these levels are cleared. Liquidation bands are clustered around $115, $116 and $123, $125, indicating areas of high leverage.

The path to $150 depends on SOL holding support at $116, $119 and breaking above $125. Failure to do so could lead to a retreat toward the daily Supertrend support at $107.22. Additionally, network improvements and the Federal Reserve's September rate hike to 3.75%, 4% are part of the broader backdrop influencing SOL's price action.