Solana trades at $106, targets $120 and $140 as analysts watch breakout zones

Solana is currently trading near $106.49, reflecting a slight decrease of 0.19% in the last 24 hours. Throughout the latest session, SOL fluctuated between $104.64 and $110.17. Market capitalization has reached approximately $62.17 billion, supported by a trading volume close to $6.85 billion during the same period. Technical breakout and $120 as the next key target A recent rally positioned Solana above previous resistance at $97. After breaking this level, the price revisited the zone, confirming it as new support before rebounding above $100. This move has provided buyers with a firmer foundation for potential further gains. Analyst Quinten Francois identified $120 as the next major target, noting the absence of significant structural resistance between current levels and the $119-$120 range. Francois stated that holding $97 on future pullbacks remains crucial for maintaining the bullish setup, while a dip below this threshold could weaken momentum. Quinten Francois has observed that, “As long as $97 remains intact, the breakout structure continues to favor higher prices. A move back below this level would weaken the immediate bullish setup.” Trading activity and chart analysis suggest that, for now, buyers are firmly in control, focusing on further upside toward $120. Momentum and RSI signal expanded upside Solana’s technical momentum has strengthened alongside a breakout in its relative strength index (RSI). After exiting a long-standing consolidation at $79-$80, both price and RSI pushed above key resistance, contributing to a nearly 40% rally from that breakout region. According to trader Symba, a sustained move above $105 could trigger another expansion of roughly 40%, bringing price targets into the $145-$150 area. Although high RSI readings could prompt short-term corrections, technical structure remains supportive as long as buyers defend current support zones. Resistance Level Support Level Potential Target $108-$110 (Sell wall) $97 (Key support) $120, $140, $150 Rainbow Chart and long-term valuation bands The Solana Rainbow Chart, a long-term valuation tool, currently places SOL at the top of its “Fair Value” band around $90.75. The next valuation band, “Getting Spicy,” is located near $139.29. If momentum persists, analysts will watch for potential advances further into the $139-$140 area. Higher bands on the chart highlight potential longer-term targets. These include $213.78 (“Frothy”), $328.11 (“FOMO”), and $503.59 (“Take Profits”). At present, the $139 region remains the nearest significant valuation milestone should the recovery continue. Mini dictionary: Solana Rainbow Chart, a visual model that assigns different valuation bands to SOL based on historical price trends, often used by traders to estimate zones of overvaluation or undervaluation. Network activity strengthens outlook Solana’s network continues to display strong fundamental support for price action. Daily active addresses have surpassed 5 million, placing the network ahead of many major blockchains and reflecting continued interest from users and developers.