Solana’s Chart Signals a Possible Breakout Toward $110
Solana (SOL) has posted a 10 % jump in the last 24 hours, climbing to an intraday high of $86. Technical patterns and fresh demand‑side indicators are now pointing to a potential rally that could see the token challenge the $110 level.
Market backdrop
The rally in SOL coincided with a broad recovery across the crypto sector. Bitcoin was up roughly 5 % at $66,800, while Ether gained about 8 % to trade near $1,990. XRP added 6 % to its price, and the total market capitalization rose 4 % to $2.28 trillion. Within this environment, SOL surged from a two‑week low of $75 to as high as $86, representing a 13.6 % intraday gain.
Demand‑side catalysts
- ETF inflows – Spot Solana exchange‑traded funds have attracted around $40 million in net inflows since early February, with $12 million recorded on the debut trading day of the first Solana staking ETF.
- Futures activity – Open interest on SOL futures climbed more than 5 % to $5.27 billion, indicating heightened speculative interest.
- Short liquidations – Approximately $15.4 million of short positions were liquidated in the past day, suggesting that bearish pressure is being squeezed out as buying pressure intensifies.
- Whale accumulation – On‑chain data shows growing accumulation by large holders, bolstered by inflows into global Solana‑focused investment products.
These fundamentals are feeding the technical optimism around the token.
Technical picture: symmetrical triangle breakout
On the six‑hour chart, SOL has broken out of a descending symmetrical triangle that had been containing price between roughly $78 and $84. The breakout is considered valid if the price can close above the 100‑day simple moving average (SMA), currently sitting at $86.
The measured target for the pattern is derived by adding the height of the triangle (about $12) to the breakout point, which lands near $110. This level also aligns with the 50‑day SMA, a historically supportive zone for the token.
Additional technical cues reinforce the bullish case:
- 20‑day EMA – A daily close above the 20‑day exponential moving average at $88 would open the path toward $95 and eventually $117, according to prior Cointelegraph market forecasts.
- Realized price distribution – Glassnode’s data shows that relatively few SOL holders have a cost basis above $85, meaning there is limited immediate selling pressure at current levels. The next notable resistance is around $115, where roughly 22 million SOL were previously accumulated.
Outlook
If SOL can maintain momentum above the 100‑day SMA and close the next daily candle above the 20‑day EMA, the price could embark on a 28‑% upward swing toward $110. The anticipated move would be supported by continued ETF inflows, expanding futures interest, and the scarcity of sellers positioned above the $85‑$90 range.
However, the rally remains sensitive to broader market sentiment. A reversal in Bitcoin or a sudden spike in risk‑off behavior could test the solidity of the breakout. Traders are advised to monitor volume, open interest, and short‑position liquidations for signs of weakening demand.
Key takeaways
- SOL up 10 % in 24 h, reaching an intraday peak of $86 amid a market‑wide rebound.
- Futures open interest rose >5 % to $5.27 bn, while short liquidations topped $15 m, indicating strong buying pressure.
- Spot Solana ETFs have attracted $40 m in net inflows since Feb. 9, adding to demand.
- Technical breakout from a symmetrical triangle on the 6‑hour chart positions $110 (the 50‑day SMA) as the next primary target.
- Price confirmation requires a daily close above the 20‑day EMA ($88) and above the 100‑day SMA ($86).
- Resistance levels to watch: $95, $110, and $115, where historic accumulation could prompt profit‑taking.
The analysis presented here is for informational purposes only and does not constitute investment advice. Readers should conduct their own due diligence before making any trading decisions.
Source: https://cointelegraph.com/news/solana-leads-crypto-recovery-10-percent-100-dollars-sol-price-next?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
