Solana (SOL-USD) is currently the star of the market’s mid-week comeback. As of today, Solana price shot up 10% in just 24 hours, hitting an intraday high of $88. After a rocky start to the week that saw prices dip as low as $75, the token is now leading a broader recovery that includes Bitcoin (BTC-USD) and Ethereum (ETH-USD).
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Breakout Points Toward $110 Solana Price Target
The most exciting news for traders is a technical breakout on the short-term charts. Picking up momentum above a symmetrical triangle pattern is a signal that often leads to a sharp move higher. Market analysts calculate the measured target for this move at $110, which would represent a nearly 30% gain from current levels.
To keep the momentum going, the price needs to close the day above its 100-day moving average, which is sitting right at $86. Data from Glassnode suggests there is limited resistance above this zone, meaning there aren’t many sellers waiting to dump their coins until the price gets closer to $115.
Institutional Buyers Enter the Fray
The rally is not just about technical charts because real money is moving onto the blockchain. Spot Solana ETFs in the US have recorded $40 million in net inflows since February 9, helping to absorb selling pressure from retail traders. This demand is mirrored in the futures market, where open interest rose to $5.27 billion as professional traders opened new positions to bet on a further rise.
Large whale wallets have also been spotted moving millions of dollars in USDC onto Solana exchanges, signaling that big buyers are preparing for a move toward $100. This intense demand-side pressure led to over $15.4 million in short liquidations in a single day. Seeing this level of institutional support confirms that the big money is looking at the $75 to $80 range as a strong entry point for the long term.
Solana’s Psychological Barrier Sits at $100
The big question is whether SOL can reclaim the triple-digit mark. The $100 to $103 range is a major psychological hurdle for investors. If the broader market stays stable, a daily close above the 20-day EMA at $88 would likely clear the path for a run toward $95 and then the $100 milestone.
While the market remains volatile, the fact that Solana is outperforming Bitcoin (up 5%) and Ethereum (up 8%) today shows that it remains the preferred asset for investors looking for growth in the crypto space.
At the time of writing, Solana is sitting at $88.41.
