Solana (SOL) has seen significant movement recently. Technical analysis indicates that the $90-$92 range forms a key resistance zone in the short term. A successful breakout could lead to a challenge of the $100 psychological level, with further targets at $108 and $119. Conversely, the first support area lies at $79-$80, and a break below this could see a drop to $75.
BKVIP's eight-hour chart data shows Solana in an upward trend. Support lies at $83-$84, while resistance is faced at $92-$94. As long as this trend continues, Solana's bullish structure remains solid. Market strategist Richtv_official believes $89 is a key point to watch.
Richtv_official points out that breaking through $89 and establishing it as a support level could push the price towards $98. If positive momentum continues, it could even reach higher targets in the $118-$127 range.
However, if the price falls below the $79 level, the bullish potential will weaken, potentially leading to a drop to $75.
Notably, Solana's ETF holdings account for approximately 2% of its total market capitalization, highlighting its importance among altcoins.
Furthermore, Solana's on-chain metrics also show strong momentum, with stablecoin liquidity reaching a new all-time high. A SolanaFloor report indicates that Circle minted $250 million USDC in the past day, driving stablecoin inflows to $500 million, bringing Solana's total stablecoin supply to an unprecedented $17.1 billion.
The expansion of stablecoin liquidity foreshadows increased trading volume and activity in the Solana ecosystem, solidifying its position in the decentralized finance space.
In summary, $89-$92 is a significant resistance range. A successful breakout could see the price reach $98, or even $118-$127. Conversely, if Solana falls below $79, the support levels at $75 and $69 need to be closely monitored.