Solana (SOL) traded near $120 on Oct. 6 after a trader opened a $19.78 million leveraged long position, according to on-chain data. The token held inside a rising daily channel, close to trendline support, while fresh decentralized exchange data showed the network leading weekly spot activity among major chains.

The configuration is notable because leveraged positioning now coincides with elevated on-chain turnover. That combination can reinforce momentum if spot demand persists, but it can also amplify downside pressure if price loses nearby support and leveraged positions are forced to unwind.

Solana Holds Near $120 After Recent Advance

TradingView data from the Coinbase chart showed SOL at approximately $120.37 on Oct. 6. The daily candle ranged between $118.87 and $121.28 before the screenshot was taken, leaving price above the chart's rising lower trendline following September's sharp advance.

The asset had already climbed from roughly $72 in early August, and the chart showed SOL reaching the low-$120 area before entering a tighter consolidation. That left traders watching whether buyers could defend the $118-$119 region, with volume behavior around the zone offering clues as to whether buyers were absorbing short-term selling pressure.

The chart also displayed a broader ascending channel extending from the August lows, with price holding in the upper half of that structure. Recent candles showed repeated rejection near the $122-$124 region, keeping short-term resistance close to the current price. Buyers had not yet secured a daily close above that cluster.

Trendline Test With $126-$127 Resistance Ahead

Trader SatoshiOwl identified the preferred entry near $119, with a stop placed below the trendline and a target of $126-$127. That setup treated current support as the main level separating continuation from a deeper pullback, leaving Solana facing a relatively narrow technical decision zone.

Holding the rising trendline would preserve the channel structure, while a move through $126-$127 would test the latest local highs shown on the daily chart. TradingView's chart also marked a lower support reference near $107.47, sitting well below the current price and close to the channel's lower boundary. A loss of $118 first would shift attention toward that deeper support area.

The September structure showed higher lows following an early-month pullback, a sequence that remained intact at the time of the screenshot. A lower daily low would weaken that structure before any test of $107.47.

Leveraged Whale Positioning

Lookonchain reported that trader 0x13da opened a 5x long using 164,642 SOL, a position worth about $19.78 million when the post appeared. At that leverage, the trade's notional exposure sits well above the collateral behind it, and Lookonchain placed the liquidation price at $99.68, the level at which the position would be automatically closed.

The on-chain account said the trader held a 78% SOL win rate and attributed $4.74 million in cumulative profit to the address. Those figures remain wallet-specific and do not establish broader market direction; trackers such as Lookonchain derive them from public wallet data rather than exchange records. Solana nonetheless faces added volatility from leverage around nearby technical levels: a decline toward the liquidation zone could heighten selling risk, while a sustained move above resistance would ease immediate pressure on the position.

TMA separately described the same long as a 164,642 SOL position using 5x leverage, valuing it near $19.76 million. The small difference reflected SOL price movement between the two posting times.

DEX Activity Adds Another Catalyst

SolanaHub said Solana processed $18.28 billion in spot decentralized exchange volume from. 28 through Oct. 4. The post compared that figure with $7.58 billion on Ethereum and $5.77 billion on Base, and also cited $5.23 billion for Robinhood-linked activity. Spot DEX volume measures swaps settled directly on-chain, which is why it is often cited as a gauge of trading activity native to each network rather than volume routed through centralized venues.

Separately, Whale Factor said Solana had led quarterly decentralized exchange volume for eight consecutive quarters, though the post did not provide its underlying dataset, limiting independent assessment of the longer-term comparison.

The official Solana account also shared comments from Helius chief executive Mert Mumtaz, who said Solana's "long tail" supported varied on-chain use cases, citing memecoins, stocks, and new startups as examples. Helius is a Solana infrastructure provider, giving the remarks a source with direct operational visibility into network usage.

Looking ahead, the next chart levels for Solana remain $118-$119 support and $126-$127 resistance. A daily close outside that range would provide a clearer directional signal, while traders will monitor whether DEX activity and leveraged positioning persist in coming sessions.

Source: The Market Periodical