Solana (SOL) is eyeing a potential rise to $120 if bulls can maintain the critical support level at $87. Currently trading at $88.87, Solana has gained 3.84% in the past day and 6.39% over the week, with trading volume exceeding $6.1 billion. Analysts highlight the importance of sustaining the recent breakout to avoid a liquidity-driven pullback. Recent price movements have been influenced by aggressive liquidation activity, with dense clusters identified below $81 and above $89. The asset's upward momentum was bolstered by forced closures of short positions, indicating that liquidity rather than organic demand fueled the breakout. A drop below $87 could trigger a retracement to $84, where liquidity may be rebuilt. Technical analysis reveals a cup and handle formation on the 4-hour chart, suggesting upside potential. Resistance is noted near $107, with a break above potentially leading to $110. The monthly close above $90 is crucial for confirming a trend reversal, potentially ending a six-month downtrend and paving the way for a move toward $120.