The new max level will be 120 instead of 150. An explanation for this shift wasn’t elaborated upon, but the announcement post did confirm that those who have managed to level their characters past 120 will have their skill points reset for free. Naturally, this means that those players will need to reassign their points once they log in.

Content retrieved from: https://massivelyop.com/2020/01/29/atlas-next-patch-will-reduce-the-maximum-player-level/.