A technical analysis has been presented claiming that Solana (SOL) has converted a months-long downtrend line into support after breaking above it, with a price range above $120 cited as the next major target.

▶ Breakout, Retest, and Support Conversion Claimed Complete

CryptoOG, a CoinMarketCap community account, stated in a post that Solana broke above a long-term downtrend line, went through a retest process, and that the trendline is now functioning as support. The author said that the breakout, retest, and support conversion have all been confirmed, evaluating that the medium- to long-term price structure is shifting in an upward direction.

In technical analysis, a downtrend line generally connects a series of lower highs. If the price stays above the line even during a pullback after breaking through it, this is sometimes interpreted as a signal that the former resistance has turned into support. However, this pattern does not guarantee further gains.

▶ Trading Around $117 at Time of Writing... Next Range Above $120

CryptoOG explained that Solana was trading at around $117 at the time of writing the post, and pointed to a range above $120 as the next major price zone.

▶ Limitations of Verification and Key Points to Watch

However, the post did not include the highs used as the basis for the trendline, the chart timeframe, or the trading volume at the time of the breakout. Therefore, the claim that a 'major breakout has been confirmed' reflects the author's analysis, and it is difficult to independently verify it based solely on the information provided.

Key points to watch going forward are whether the price holds at the level the author considers support, and how it moves after entering the $120 range. If the price falls back below the broken trendline, the bullish reversal interpretation presented in the post may need to be reconsidered.

[Cryptocurrency is a high-risk asset with significant price volatility, and principal loss may occur. The personal opinions and technical analysis introduced in this article may not match actual market movements and do not constitute investment advice. Investment decisions and responsibilities lie with the investor. This article was written with the assistance of AI.]