Solana Holds $120–$130 Range as Bearish Setups Test Key Support

Overview

• SOL trades in the mid-$120s after a brief push to about $129, with the range between $120 and $130 repeatedly defended.
• Trading activity spiked as 24-hour volume climbed to roughly $4.0–$4.15 billion, signaling heightened participation around key levels.
• Weekly charts highlight a double top and a head-and-shoulders risk, putting $120 as an immediate neckline and $105 as a critical breakdown level that could expose the $75–$51 area.
• On-chain and institutional demand have cooled, with Solana DeFi TVL down to about $23.8 billion from a $35.1 billion peak and weekly spot SOL ETF inflows slipping to roughly $13.1 million after $199.2 million in the launch week.
• Positioning data points to a $43.1 million whale short in SOL, while bullish scenarios remain contingent on closing above $129–$140 near term and ultimately securing a breakout over the ~$200 neckline.