Solana’s price charts hint at a possible rally to $110 next
Solana SOL (SOL) has gained 10% in the last 24 hours.
The recovery was accompanied by a jump in futures activity, with SOL open demand rising more than 5% to $5.27 billion.
Analysts are focusing on short-term technical setups and fundamental indicators that could signal a major turning point for SOL.
Main Receptors:
SOL's price is up 10% in 24 hours, driven by crashes in the broader market and the Solana ETF.
Solana Symmetric Triangle breakout targets 110 SOL price.
SOL recovers in the crypto market
The SOL/USD pair rose as much as 13.6% to $86 from a two-week low of $75 on Wednesday amid a general market recovery.
Market leader Bitcoin (BTC) was trading at $66,800 at the time of writing, up 5% in 24 hours. Second-tier Ether (ETH) gained about 8% on the day to trade above $1,990. XRP (XRP) posted the biggest daily gain among the top 10 cryptocurrencies, with a 6% increase over the same period.
As a result, the capitalization of the global crypto market reached 4% per day to 2.28 trillion dollars on Wednesday.
Solana's price rally today was accompanied by short liquidations totaling $15.4 million over the past 24 hours, indicating strong demand pressure.
The buyers were also US-based Place Solana ETFs, which recorded $40 million in net income as of February 9.
Rising demand-side pressure could push up SOL prices from rising international Solana investment products and buying by whalers.
The exit of the SOL symmetrical triangle has a target of $110
Data from TradingView shows the price of SOL breaking above the symmetrical triangle on the six-hour time frame as shown in the chart below.
To maintain the upward momentum, the price needs to close above the 100-day simple moving average (SMA) at $86.
Calculated by adding the height of the triangle to the breakout point, the current pattern measures $110 and coincides with the 50-day SMA. This represents a 28.5% rally from current levels.
According to Cointelegraph, a daily candlestick closing above the 20-day EMA, currently at $88, paves the way for a rally to $95 and later to $117.
Glassnode's Solana price spread data shows some historical buying activity above $85, suggesting the bulls could easily break this resistance.
In other words, there are relatively few SOL holders with a cost basis above this zone, making it less likely that sellers will enter decisively until the price reaches higher supply zones.
The next significant resistance is placed at $115, where approximately 22 million SOL were previously purchased.
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