Driven by the latest green wave across the crypto market, Solana’s native token briefly rallied above $90, marking its highest level in 20 days.
Now SOL appears to be at a crossroads. Some analysts predict a move above $100, while certain indicators point to a possible near-term pullback.
In the Middle of a Breakout?
Popular analyst Ali Martinez has identified what he believes is a bullish breakout, with SOL breaking out of a symmetrical triangle to the upside. He suggests that renewed buying pressure could push the price toward $92 or even $96. At the same time, Martinez recently warned that the $77–$94 range represents a “no-trade” zone, meaning traders may want to wait for clearer direction before entering positions.
Other market observers on X have also weighed in. User Julian highlighted recent volatility while noting that buyers remain active, pointing to $85 as a key support level. According to Julian, if SOL can hold above $90, it could open the door to further gains.
Analysts point to Solana’s strong on-chain fundamentals as underpinning factors. High network usage—driven in part by meme coin trading—along with a large active user base and fast, low-cost transactions are cited as major strengths for the network.
“Short-term moves can still be aggressive, but in the bigger picture, SOL still looks like one of the strongest coins in the market,” Julian wrote.
WealthManager expressed an even more bullish outlook, forecasting that reaching the psychological milestone of $100 is “just a matter of time.”
Time to Cool Off?
Not all signals are bullish. Several technical indicators suggest bears could reassert control. Solana’s Relative Strength Index (RSI) recently spiked to 80 before pulling back to the mid-60s, edging close to overbought territory. The RSI ranges from 0 to 100, with readings above 70 typically considered overbought and readings below 30 seen historically as potential buy signals.
Another cautionary sign is the uptick in SOL transfers from self-custody wallets to centralized exchanges. Increased inflows to exchanges are often interpreted as a bearish indicator because they can raise immediate selling pressure.
Adding to the mixed sentiment, analytics firm Lookonchain reported that a newly created wallet opened a 20x short position on 240,000 SOL—an exposure valued at more than $21 million. Such an aggressive short could pressure the market, particularly if the position reflects information or expectations not yet priced in by retail traders.
In summary, Solana’s recent upside move is supported by strong on-chain activity and bullish commentary from several analysts, but technical indicators and rising exchange inflows introduce downside risk. Traders and investors should weigh both the bullish narrative and the potential for a short-term correction when assessing SOL’s next moves.