Solana (SOL) emerged among the top gainers in the cryptocurrency market, reclaiming the $100 psychological level for the first time since February. The asset surged by roughly 32% over the past week, bringing its market capitalization to nearly $60 billion and cementing its status as the seventh-largest cryptocurrency.
The upward movement coincides with a broader market rally spurred by US monetary policy changes announced by the Treasury Department, which pushed Bitcoin above $81,000 and Ethereum past $2,500. Additionally, Solana has seen rising institutional interest, highlighted by spot SOL ETFs drawing over $33 million in inflows over a 24-hour period—the strongest day for these products since mid-December.
The recent price action has prompted bullish projections from various market commentators. Analyst Ivan on Tech suggested SOL has turned bullish for the first time since the fourth quarter and targeted moves toward $300 and higher. Figures such as David Gokhshtein and an analyst known as Einstein also shared optimistic long-term views, with forecasts ranging up to $800 and $1,000, while noting a potential intermediate target of $150 if key support levels hold.
Despite the prevailing optimism, technical and on-chain indicators suggest caution. Solana's Relative Strength Index (RSI) climbed to 70, placing the asset in overbought territory. Furthermore, data from CoinGlass indicates that exchange netflows showed inflows outpacing outflows over several days, reflecting a shift from self-custody to centralized platforms that could signal increased near-term selling pressure.
