More stablecoins on Solana do not automatically mean more demand for SOL.

$SOL was near $120.45 at this Sept. 27 check, down about 0.3% over 24 hours. Its observed intraday range was $119.89 - $121.96.

KEY LEVELS

▪️ $121.96 resistance to watch: The observed intraday high and upper edge of the range.
▪️ $120.93 range midpoint: Halfway between the high and low; a balance reference, not proven support.
▪️ $119.89 support to watch: The observed intraday low and lower range boundary.

WHAT WOULD CONFIRM STRENGTH

Sustained trade above $121.96, followed by a retest that holds, would show price responding beyond a brief headline reaction.

WHAT WOULD INVALIDATE IT

Continued trade below $120.93 would keep SOL in the lower half of the range. Losing $119.89 would break this measured range lower.

WHAT I'M WATCHING

Solana reported a $17.3B stablecoin - supply record on Sept. 25; DefiLlama's later dashboard displayed about $16.5B. Those are different snapshots. My read: supply is potential liquidity, while transfer activity and a confirmed price move are different evidence.

Does SOL reclaim the midpoint before testing the high again?

#sol #solana #Stablecoins #TechnicalAnalysis #CryptoMarkets

Not financial advice. Always DYOR.

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