Solana Price Stalls at $120, But Technicals Suggest a Temporary Setback

Solana's price has retreated below $120, but a strong technical basis suggests it may be a temporary setback. The cryptocurrency's spot volume was approximately $4.27 billion on October 1, according to CoinMarketCap, and U.S. spot Solana ETFs recorded $188.21 million of net inflows across September 21-25, a weekly record.

The daily chart shows positive underlying momentum alongside a stalled MACD signal. SOL's daily indicators show a bullish trend with stalled momentum, with the stochastic oscillator showing a bullish crossover and the Bollinger reading adding range context.

However, the MACD histogram is the counterweight, showing that bullish momentum has not yet re-engaged. The 50-day SMA is $101.22, well below spot and consistent with a broader daily uptrend.

The near-term Solana price prediction is conditional rather than directional: SOL has a credible technical basis to retest and reclaim $120, but it needs to convert $120.91 from resistance into support before that case gains confirmation.