Solana Eyes $120 Amid Bearish Signals but Strong Fundamentals

- Solana's price shows a bearish short-term outlook. - On-chain data indicates resilient long-term network fundamentals. On June 21, 2025, Cointelegraph reported that Solana (SOL) is exhibiting short-term bearish trends, suggesting its price could potentially drop to $120. This projection stems from the emergence of a head-and-shoulders pattern on Solana's daily chart. Specifically, a breakdown below the $140 neckline would signal further declines, as this pattern indicates a downside target of approximately $126; moreover, the price might also test the $95-$120 demand zone. However, Solana could negate this bearish sentiment by achieving a daily close above the $157 resistance level. However, on-chain data suggests robust longer-term fundamentals for Solana. For instance, on June 21, Glassnode data showed Solana's Network Value to Transactions (NVT) ratio dropped below 10, its lowest point since February 2025, which indicates strong network usage relative to its market value. Additionally, Glassnode data from June 21 also revealed that SOL's movement on exchanges initially showed consistent withdrawals, signaling investor accumulation, although a recent increase in deposits coincides with the current price dip. Despite Solana's price showing volatility and declining from a high of $295 earlier in 2025, these on-chain metrics reflect underlying network strength and activity. As of 18:09 UTC on June 21, Solana (SOL) traded at $139.235, according to the latest market data. This price marked a 0.488% change in the past 24 hours.