Solana Targets $120 if Bulls Hold $87 Support; Technical Setup Shows Cup-and-Handle Pattern

Gate News message, April 17 — Solana (SOL) trades at $88.87 with a 3.84% daily gain and 6.39% weekly increase, as trading volume surges past $0.5 billion. The asset is at a critical juncture where defending the $87 support level could unlock a path toward $120, according to market analysts.

Liquidation clusters below $81 and above $89 have driven recent price action. According to CW8900, long liquidations near the lower range triggered sharp reversals, while the push toward $90 cleared significant short positions, adding buying pressure. However, the breakout appears liquidity-driven rather than organic demand-based. Analysts note that holding above $87 remains essential for continuation, as a drop below this level could trigger a retrace toward $84.

CryptoJobs3 identifies a cup-and-handle formation on the 4-hour chart, signaling potential upside. The structure developed after a liquidity sweep below $80, with the handle forming above $84-$86. The breakout above $93 triggered another wave of short liquidations. Current support sits at $90, with resistance near $107 and $110. Market observers suggest that a break above $107 could open a path toward $120.

DonWedge emphasizes the importance of the monthly close, noting that a sustained close above $90 could confirm the end of a six-month downtrend and support a move toward $120. Longer-term resistance levels are identified at $160-$180 and $240-$300. However, analysts caution that failure to hold current levels may lead to a pullback toward $70.