Solana rebounded to $110 this week, matching its January price level before pulling back to $105. The rally coincided with Charles Schwab's announced plans to incorporate SOL, though the initial surge proved short-lived.
The price movement triggered significant liquidations across the derivatives market. According to Coinglass, over $30.35 million in short positions were liquidated as prices jumped, while $8.9 million in long positions were also cleared.
Despite the volatility, trader participation remained elevated. Solana's Open Interest rose 10.4% to $7.54 billion, while derivatives volume surged 69% to $17.27 billion, indicating sustained capital deployment across both buyer and seller sides.
Over the past 24 hours, the altcoin saw $4.37 billion in inflows with net flows reaching $3.9 million positive. However, shorter-term data showed $1.45 billion in outflows against $1.36 billion in inflows over the preceding 12 hours, suggesting some trader caution following liquidation events.
Technical indicators point to sustained upside momentum. The DMI Modified indicator held positive for three consecutive days at around 34, while the Relative Strength Index hovered near 78 in overbought territory, both suggesting continued bullish pressure.
If current demand persists, analysts suggest Solana could consolidate above $110 and target $125. Conversely, renewed selling pressure on derivatives could drive prices toward $102 support levels.
Solana posted 5% daily gains and 18% weekly gains at the time of reporting, adding to recovery from broader market pullbacks earlier in the year.
