Solana price could rise to $120 according to analyst Michaël van de Poppe

The Solana price is currently trading around $81.05, showing a slight decline of 0.7% over the past 24 hours. Crypto analyst Michaël van de Poppe, known on X as @CryptoMichNL, keeps his view on Solana unchanged and sees opportunities for a further rise towards $100 and possibly even $120 in the coming weeks to months.

Solana is available at OKX and Bybit.

Solana breaks back into the range

On Van de Poppe’s chart, it is clearly visible that Solana, after a so-called “deviation” to the downside, is returning to a broader price range that has been building for months. The coin briefly fell below the bottom of that range in June, but has been recovering since. The price is currently just above the $76.60 level, which Van de Poppe identifies as the key level to reclaim and hold.

According to Van de Poppe, a short pullback within that range is perfectly normal before the price moves higher. He wants to see the zone between $75 and $77 function as support. If that holds, he expects an upward move towards $100 and then towards the target zone of $115 to $125.

What does this scenario mean for Solana?

The chart shows a pattern where Solana has been moving in a sideways range for 118 days, with a total trading volume of $357.3 million in that segment. The red horizontal line at $97.89 represents a key resistance level that needs to be broken for a further rise towards the green target zone at the top of the chart.

Investors following this scenario are therefore closely watching the price action around $75 to $77. If that support level holds, it would, according to Van de Poppe, provide the foundation for a rally of potentially 50% from the current level. It is also interesting to keep an eye on the moving averages, as they show that the short-term averages are still under pressure. In the event of a breakout to the upside, those averages could instead provide additional support for a further upward trend.