Solana Price Prediction: SOL Faces $120 Test Amid Binance’s Large SOL Outflows

Solana’s back in the spotlight as Binance moves millions in SOL, raising fresh questions. Whether it’s routine or something deeper, the market is watching closely for clues.

Meanwhile, SOL Solana price is holding steady above key zones, despite the noise. The $126 to $133 range lines up with Fib levels and is emerging as a potential slingshot zone.

Binance Offloads SOLs in Bulk

In what could be more than just routine portfolio rebalancing, Binance has begun offloading significant amounts of Solana. According to fresh on-chain data shared by Crypto Beast, large chunks of SOL totaling millions of dollars have been transferred from Binance’s hot wallets. While this isn’t confirmation of bearish intent, it suggests something is shifting internally at Binance or in the broader SOL ecosystem.

Binance transfers millions in Solana from hot wallets, raising questions about shifting liquidity dynamics. Source: Crypto Beast via X

Crypto Beast suggests keeping a close eye on how the market digests this. Historically, large exchange outflows or redistributions often precede strategic shifts in liquidity or even upcoming news cycles. If these SOL sales continue, they could weigh on short-term sentiment.

SOL Solana Price Eyes $126 Zone

While Binance’s actions raise some caution, the Solana’s technical side might have something to do with it. According to analyst AlienOvichO, Solana is in a corrective phase, retracing its recent move while holding structure above its April low.

Solana’s price heads toward a key demand zone between $133 and $126, aligning with Fibonacci retracement levels for potential upside. Source: AlienOvichO via X

According to AlienOvichO, the SOL price now targets the $133 to $126 range. A key area that’s drawing attention not just for being a prior support zone, but also for its alignment with Fibonacci retracement levels. The 38.2% Fib lies near $133, while the 50% and 61.8% levels line up around $129 and $126, respectively, forming a strong demand zone that could act as a launchpad for the next move up.

Analyst Ali Martinez Flags $120 as Key Support

As Solana approaches the $133 to $126 retracement zone highlighted earlier, all eyes are now quietly shifting to a more time-tested level at $120. According to analyst Ali Martinez, this price point has acted as a structural pivot on the weekly chart for quite some time, serving as both resistance and support during Solana’s major swings.

Solana’s price eyes $120 as key support. Source: Ali Martinez via X

While the earlier zones between $133 and $126 offer short-term opportunities, $120 carries higher stakes. It’s where the market has repeatedly decided the next big move. If the price respects it once again, the bulls could regain control with conviction.

Contrary View: Solana Reclaims Daily Cloud in a Technical Shift

Unlike the cautious tones set by Binance’s recent SOL offloads and the retracement zones flagged by analysts, the Ichimoku Cloud on Solana’s daily chart shared by crypto analyst CRG is now painting a notably different picture. For the first time since January, SOL has broken back above the daily cloud. a technical sign often linked to shifting momentum and an early-stage bullish transition.

Solana reclaims daily Ichimoku Cloud, signaling a potential bullish shift with targets toward $160 and $180. Source: CRG via X

While price still needs to hold above the $146 to $150 zone to confirm strength, the reclaim of the cloud suggests that underlying bullish pressure is quietly returning. If this move sustains, the next technical targets sit near the $160 and $180 zones. With the Ichimoku Cloud shifting from resistance to potential support, Solana Price Predictions are beginning to take shape.

Final Thought

Solana’s chart is starting to look a bit more interesting. Even though Binance’s big SOL moves and the $120 to $126 support zones have kept things cautious, the fact that SOL has pushed back above the daily Ichimoku Cloud signals a quiet shift. If it can stay steady above $146, there’s room to aim for $160 or higher, but it’s still early. With both caution and fresh momentum in the mix, Solana is shaping up as a coin worth watching in the days ahead.