Solana Tests Resistance Zone Near $120 as Golden Cross Forms

Solana's native token is trading near $117.38 after rebounding to a session high of $119.90, placing it in a resistance band between $118 and $120 for the first time in roughly eight months.

The move marks a notable turn for SOL, which fell as low as $60 earlier this year before spending July and the first half of August trapped in a $70 to $82 range.

Buyers accelerated in the final week of August, propelling the token to a local peak of $119.43. Now, traders are focused on whether the recovery has enough momentum to extend into a larger rally or will stall into another period of consolidation at the $118-$120 zone.

The weekly chart shows SOL reclaiming its 200-week moving average and forming a developing golden cross, which is considered one of the most bullish patterns among major altcoins. Analyst Ash Crypto noted that if SOL faces rejection at the upper moving average boundary, it could drift sideways before attempting another push.