Solana on Brink of Major Breakthrough as Price Surges Above Key Level

Solana's price has been on a tear, and it seems to be close to a major psychological breakthrough. The asset is currently trading at around $119 after breaking above the key $100 level. This move comes after a rally that started from the $75-$80 area in August, with Solana reaching a high of about $122 before dipping slightly.

The technical structure has undergone significant changes over the last month, with Solana establishing a consolidation zone between $97 and $107 after breaking above its 200-day moving average at around $90. The asset's price has been defended by buyers repeatedly at the lower end of this range, paving the way for another expansion that pushed Solana through $110 and ultimately $120.

The breakout was accompanied by increased trading volume, with Solana currently trading above all major moving averages. The intermediate averages are rising towards $95-$100, while the shortest average is already close to $107. The Relative Strength Index (RSI) is in the mid-60s, providing room for another rise.

The resistance now lies between $120 and $122.50, with a sustained breakout above this area revealing potential targets at $125 and then around $130. On the downside, the first support level is $115, and the more significant breakout zone is between $110 and $112. A deeper correction towards $105 would be more likely if $110 were lost.