Solana’s SOL (SOL) is up 10% in the last 24 hours, hitting an intraday high of $86 on Wednesday.
The recovery was accompanied by a jump in futures activity, with SOL open interest rising more than 5% to $5.27 billion.
Analysts are now focusing on the near-term technical setup and fundamental indicators that may signal a major turning point for SOL.
Key takeaways:
-
SOL price has risen 10% in 24 hours, driven by optimism in the broader market and Solana ETF inflows.
-
The breakout of the symmetrical Solana triangle targets a SOL price of $110.
SOL rebounds with the crypto market
The SOL/USD pair rose as much as 13.6% to $86 on Wednesday from a two-week low of $75 on Tuesday, amid a market-wide recovery.
Bitcoin (BTC), the market leader, was trading at $66,800 at the time of writing, up 5% in 24 hours. Second-place Ether (ETH) has gained about 8% on the day to trade just above $1,990. XRP (XRP) has also posted significant daily gains among the top 10 cryptocurrencies, up 6% over the same period.
As a result, the global crypto market capitalization rose 4% on the day to $2.28 trillion on Wednesday.
Solana’s rise today is accompanied by significant short liquidations totaling $15.4 million in the last 24 hours, indicating intense demand-side pressure.
Buyers also included US-based Solana Spot ETFs, which have recorded $40 million in net inflows since February 9.
Increasing demand-side pressure that could drive SOL prices higher when combined with increased inflows of global Solana investment products and buying by whales.
SOL Symmetrical Triangle Breakout Targets $110
TradingView data shows SOL price breaking out of a symmetrical triangle on the six-hour time frame, as shown in the chart below.
The price must close above the 100-day SMA at $86 to maintain bullish momentum.
The measured target of the prevailing pattern, calculated by adding the height of the triangle to the breakout point, is $110, coinciding with the 50-day SMA. This represents a 28.5% rebound from current levels.
As Cointelegraph reported, a daily candle close above the 20-day EMA, currently at $88, would pave the way for a rise towards $95 and then $117.
Glassnode’s realized price distribution data for Solana shows limited historical buying activity above $85, suggesting that the bulls could easily break this resistance.
In other words, there are relatively few SOL holders with a cost base above this zone, reducing the chances of sellers intervening decisively until the price reaches areas of higher supply.
The next significant resistance lies at $115, where approximately 22 million SOL were previously purchased.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness or reliability of the information contained in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
