Solana (SOL) has gained 6% over the past 24 hours, trading at $105 as the asset participates in broader cryptocurrency market strength. Several analysts are highlighting potential upside based on technical patterns and fundamental indicators.
Analyst Ali Martinez identified a cup-and-handle pattern forming over several years, with the neckline positioned near $360. According to Martinez, a sustained break above this level could signal the beginning of a larger price expansion. He also noted a potential bull flag on SOL's 4-hour chart, with $105 identified as a key resistance level to monitor for confirmation of a bullish breakout toward $130.
Institutional Demand and On-Chain Activity
Martinez cited strong institutional interest as a supporting factor for the rally. Spot SOL ETFs have recorded consecutive weeks of inflows, attracting over $200 million in the past month. Additionally, 3 million tokens were withdrawn from exchanges in the last 30 days, and network growth remains elevated.
Earlier this week, a brief pullback occurred following the failure of the CLARITY Act in the US Senate. SOL declined from $101 to approximately $95.60 before finding support at those levels.
Technical Breakout Signals
Analyst CRYPTOKRALI noted that SOL has broken above a descending resistance trendline after weeks of price compression. The $98 level has held repeatedly as support, with a strong daily candle through the trendline providing confirmation of the breakout. The analyst flagged $110 as the next resistance level to watch, with potential for further gains if momentum continues.
Another analyst, Scient, projected one more leg higher to around $130 before considering a partial exit from positions.
