Solana price displays accumulation near $120 as reversal signs emerge
Solana price is showing early signs of accumulation near $124 as repeated support defenses and bullish reactions suggest a potential reversal if key volume levels are reclaimed.
- $124 continues to act as key high-time-frame support.
- Accumulation signs emerge with repeated bullish reactions.
- POC reclaim needed to trigger a rally toward $167.
Solana (SOL) price is beginning to show constructive price behavior after an extended period of downside pressure. Recent price action suggests that accumulation may be taking place near the $124 support region, an area that aligns with both the Value Area Low and a key high-time-frame demand zone.
While the broader trend has yet to fully reverse, the structure forming on the chart indicates that bearish momentum is weakening and that buyers are becoming more active.
Solana price key technical points
- $124, High-time-frame support and accumulation zone
- Value Area Low (VAL), Acting as dynamic support during consolidation
- Point of Control (POC), Key resistance that must be reclaimed
Solana’s recent behavior is notable for its repeated defenses of the $124 region. Price has retested this level multiple times, and each test has been met with impulsive bullish reactions rather than continuation lower. These reactions suggest that demand is present and active, a key ingredient for accumulation.
From a volume-profile perspective, Solana is currently trading just above the Value Area Low, an area where price is often considered discounted relative to recent trading activity. When markets spend extended time near the lower end of value while failing to break down, it often indicates that sellers are losing control and that stronger hands are absorbing supply.
Importantly, Solana has not produced a decisive close below $124, despite multiple attempts. Failed breakdowns are significant because they often trap late sellers and force short covering once price stabilizes. The last two downside tests have been clearly defended by buyers, reinforcing the idea that $124 is becoming a structurally important level.
However, while accumulation appears to be forming, confirmation is still required. The most critical level overhead is the Point of Control (POC), which represents the highest traded volume within the recent range. The POC often acts as a pivot between bearish and bullish control. As long as Solana remains below this level, rallies risk being corrective rather than impulsive.
A clean reclaim of the POC on a closing basis, backed by strong volume, would signal acceptance back into value and confirm that accumulation has transitioned into expansion. Such a move would likely trigger a rotation toward the next major resistance at $167, where high-time-frame supply is expected to emerge.
From a market-structure standpoint, Solana is attempting to form a base after a prolonged downtrend. Accumulation phases are often characterized by sideways price action, declining volatility, and repeated defenses of support, all of which are currently visible on the chart.
This constructive setup is forming alongside growing fundamental interest, as Solana’s revenue continues to close the gap with Ethereum and investors increasingly explore structured-yield platforms such as SolStaking, which increases the probability of a trend shift if key levels are reclaimed.
Volume behavior remains the missing piece. While bullish reactions have been present, overall participation has been moderate. A successful reversal requires expanding volume, particularly during any breakout attempt above the POC. Without volume confirmation, price risks remain trapped in a broader consolidation range.
What to expect in the coming price action
As long as Solana holds above $124 and continues to defend the Value Area Low, accumulation is likely to persist. The next major signal to watch is a strong, high-volume reclaim of the Point of Control, which would open the door for a rotation toward $167.
Until that occurs, price may continue to consolidate, building pressure for a larger directional move.
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