Solana (SOL) token price has successfully broken through the key technical resistance level of approximately $93, transforming what analysts termed a "39-day distribution range" into structural support. This breakout signals a potential price advance towards two target levels: an initial target near $103 and a secondary target pointing to $113.
Analysts indicate that this breakout has initiated a short squeeze mechanism. This means that investors who had previously bet on SOL's price declining may be forced to cover their short positions as the price movement goes against their expectations, thereby further accelerating the price increase.
Analyst Martinez explained, "Solana has just reclaimed the $93.14 price level, turning a 39-day distribution range into structural support. If this level holds, the speed of the bull market rebound could exceed many people's expectations."
According to historical data analysis, similar price patterns have previously appeared before major upward trends. For instance, a similar pattern in 2023 led to a 1604% increase in SOL's price, while another pattern in 2025 brought a 142% gain.
Although SOL did break above $93 earlier today and touched $95, it has since pulled back, and the current price has fallen below $90. Despite a 7% increase in the past month, SOL is still down nearly 25% over the past year. Furthermore, its price remains far below its all-time high of nearly $293 set about a year ago, a drop of over 67%.
Market Structure Improving, but Confirmation Needed
Traders can refer to ETF data for more market insights. Data from SoSoValue shows that as of March 17th, net inflows into spot products related to Solana approached $1 billion. Additionally, after a brief period of negative inflows earlier this month, daily inflows have turned positive again.