Solana Price Charts Are Hinting at a Potential Rally Toward $110 Next
Solana's SOL price surged 10% to $86, driven by market recovery and ETF inflows, with technical patterns suggesting a potential rally toward $110.Summary
Solana's SOL token rallied 10% over 24 hours, hitting an intraday high of $86, coinciding with a 5% rise in futures open interest to $5.27 billion. This surge is supported by a broader market recovery, where Bitcoin gained 5% and Ether gained 8%, pushing the global crypto market cap up 4%. Demand pressure is evident from $15.4 million in short liquidations and $40 million in net inflows into US-based spot Solana ETFs since February 9th.
Technically, SOL's price has broken above a symmetrical triangle pattern on the six-hour chart. For sustained momentum, the price needs to close above the 100-day Simple Moving Average (SMA) at $86. The measured target from this pattern breakout points toward $110, which aligns with the 50-day SMA. Furthermore, a daily close above the 20-day Exponential Moving Average (EMA) at $88 could propel SOL toward $95 and potentially $117.
On-chain data from Glassnode suggests limited historical selling pressure above $85, indicating that bulls might easily overcome this initial resistance zone. The next significant resistance level is identified at $115, where a substantial amount of SOL was previously acquired.
(Source：Cointelegraph)