Bitaigen Research 
Against the backdrop of an overall warming of crypto assets, SOL has posted roughly a 10% gain in the past 24 hours, hitting an intraday high of $86. At the same time, the open‑interest on futures contracts has risen sharply, increasing by more than 5% to a total of $5.27 billion, indicating a re‑balancing of long and short pressures.
In this article we outline Solana’s recent strong performance and the market drivers behind it, combine technical patterns with capital flow data, and provide an in‑depth analysis of its subsequent price trajectory and potential target levels. By interpreting multi‑dimensional data, we help readers understand the logic behind the recovery signals and assess the next phase of investment opportunities.
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Key Takeaways
- Fueled by overall market optimism and net inflows into the Solana ETF, SOL has risen about 10% over a 24‑hour period.
- On the technical side, SOL is breaking out of a symmetrical triangle pattern, with a short‑term target around $110.
SOL rebounds as the crypto market warms up
The broader crypto rally has provided solid support for SOL. On Wednesday, the SOL/USD pair climbed as much as 14.6%, reaching a peak of $86 after having slipped to a two‑week low of $75 the previous day. At that time, the sector leader Bitcoin was priced around $66,800, up roughly 5%; Ethereum followed closely with an 8% gain, trading just above $1,990. Among the top‑ten cryptocurrencies by market cap, XRP also posted a daily increase of about 6%, contributing to a 4% rise in global crypto market cap to roughly $2.28 trillion on the same day.
Top cryptocurrency performance: Source: CoinMarketCap
SOL’s rapid rally has been accompanied by substantial short‑covering, with about $15.4 million of short positions closed in the last 24 hours, underscoring strong buyer demand. Since February 9, the U.S. spot Solana ETF has accumulated a net inflow of roughly $40 million, further bolstering the bullish side.
Spot Solana ETF fund‑flow table. Source: Farside Investors
Sustained demand on the buy side, combined with inflows into global Solana investment products and the hoarding behavior of large holders, could provide upward price momentum for SOL in the coming weeks.
Source: Lookonchain
SOL’s symmetrical triangle breakout targets $110
The 6‑hour chart on TradingView shows that SOL has already broken out of a symmetrical triangle within this timeframe (see image below). If the price can remain above the 100‑day simple moving average (SMA) at $86, the uptrend may continue.
The projected target for the current pattern is calculated by adding the triangle’s height to the breakout point, yielding roughly $110. This level coincides with the 50‑day moving average and represents an approximate 28.5% rise from the current price.
SOL/USD 6‑hour chart. Source: Cointelegraph/TradingView
Cointelegraph reports that a daily‑close above the 20‑day exponential moving average (EMA) at $88 would open a corridor toward $95 and potentially $117 thereafter. Glassnode’s realized price distribution data indicates that buying activity above $85 has historically been limited, suggesting that bulls have room to push through this resistance. In other words, relatively few SOL holders have a cost basis above this range, resulting in weaker short‑term supply pressure.
The next key resistance lies around $115, a level at which approximately 22 million SOL have historically been purchased.
SOL: UTXO realized price distribution (URPD). Source: Glassnode
In summary, SOL’s roughly 10% single‑day gain is underpinned by both technical strength and inflows of capital. Should the asset stay above the referenced moving averages and break through the identified resistances, the $110 target carries a plausible chance of materializing. For a deeper dive into Solana’s recent price action and the $100‑plus target, feel free to explore additional articles on Bitaigen (比特根).
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
