Solana (SOL) is making waves in the crypto market, trading around $101–$102 after breaking above a long-term descending trendline on the daily chart. This breakout marks the end of months characterized by low volatility, reigniting interest and placing various upside price targets back on the radar.
Leading crypto analyst Einstein was among the first to underscore the significance of the trendline break, outlining a potential scenario in which SOL retests the $92 level, holds firm, and then makes upward strides toward $108, $128, and even $147.
Throughout July and August, SOL found itself languishing in a narrow range between $74 and $78. However, a recent sharp move propelled it above $90, ultimately reaching around $107. Analyst CryptoGerla suggested on social media that SOL might be undergoing a descending channel retest before embarking on the next upward trajectory toward $150, indicating that the current pullback could be part of a broader bullish setup rather than a sign of reversal.
$100 Now the Line in the Sand
Analyst Ucan has identified $97.70 as a crucial support level, emphasizing that the bullish structure remains intact as long as SOL stays above that threshold. The $100 mark has emerged as a short-term psychological floor following a pullback from its August high near $110.
Immediate resistance lies between $104 and $107, with a heavier resistance zone at $108–$110. A daily close above $110 would bolster the case for a move toward $120, while a drop below $97–$100 could send SOL back toward the low $90s, closely aligning with the 50 EMA at $91.63 and the 200 EMA near $91.
ETF Inflows and On-Chain Activity
Solana ETFs in the U.S. experienced a robust August, including an impressive 11-day streak of positive net inflows. Although that momentum has since tempered, the influx of ETF buying played a significant role in supporting SOL’s recovery from its summer lows.
Recent data shows that Solana ETF assets have crossed the $1 billion mark, and a renewed wave of inflows could provide the demand necessary to push through the critical $110 resistance level.
On the on-chain front, over 260,000 tokens were launched daily on the Solana network for three consecutive days, reflecting strong engagement within its ecosystem. Furthermore, derivatives data from Coinglass indicates that open interest rose by 1.65% to $6.05 billion, while 24-hour trading volume dropped by 55.31% to $4.35 billion. This disparity between increasing open interest and declining volume suggests elevated levels of leverage in the market.
The largest tracked wallet holds approximately 5.18 million SOL, although analysis reveals that most large addresses appear to be staking accounts rather than sell-ready whale positions.
As it stands, SOL’s next significant test will be the pivotal $92 retest level. The ability of buyers to defend this level on a daily closing basis will be crucial in determining whether the targets of $108, $128, and $147 remain viable.
