Solana price fluctuates near $120 amid large leveraged positions and structural shifts

Solana (SOL) is experiencing significant market volatility, with technical indicators showing conflicting signals. On one hand, a large-scale trader recently opened a $19.78 million leveraged long position as the price held near the $120 level. This move occurred while SOL was trading within a rising daily channel, supported by weekly decentralized exchange volume reaching $18.28 billion.

Conversely, some technical analyses suggest a structural breakdown. Following a period of distribution, SOL has shown a market structure shift on lower timeframes, characterized by lower highs and lower lows. Analysts note that high-volume selling has breached immediate demand baselines, potentially turning previous support into overhead supply. If the current corrective phase continues, price targets are being mapped toward the $115, $111, and $107 levels.