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SOL Solana: Break the border and get ready to go
Solana is trying to break the $100 mark after a recent rebound. Market attention is gradually focusing on the two key prices of $110 and $120. Despite a retreat from a peak of around $110 in August, Solana is currently trading in the $101 to $102 range, well above its summer lows.
Can $100 be a solid support level?
In Solana's short-term prospects, establishing reliable support for the $100 area has become a key issue. Early technical indicators show price pressure between $104 and $107, while liquidity appears to build in the $108 to $110 area. Successful breaking out of this range could lead to a stronger upward trajectory, opening the path towards $120.
analyst Ucan emphasized the importance of US$97.70 as a support level, pointing out that as long as prices remain above this level, upward momentum can be maintained. The analyst also pointed out that a breakthrough of $120 would mark a more significant breakthrough.
Is $110 facing resistance pressure?
Solana stalled around $110 during his recent surge in August. This range is particularly important since short-term clearing liquidity is also concentrated between $108 and $110. According to analysis by Crypto.news,$106.25 and $112.50 became additional resistance levels after Solana pulled back from its August high.
If the daily closing price can stabilize above $110, it may strengthen the potential to climb towards $120. Conversely, a loss in the $97 to $100 range could push the price back below $90.
What is the current status of institutional needs?
Institutional interest plays a key role in supporting Solana's core architecture. With its good performance in August, the Solana ETF in the United States was officially launched. It is worth noting that there were 11 consecutive days of net inflows, although the momentum subsequently weakened. ETF assets exceed US$1 billion, highlighting the depth of institutional participation.
This slowdown is noteworthy because ETF investment has significantly facilitated Solana's recovery from summer lows. Another surge in capital inflows could boost the need to re-test the $110 resistance. A $110 breakthrough may catalyze upward momentum towards $120. Institutional demand flowing through ETFs remains a potential driver of price movements.
Large wallet dynamics analysis
Analyzing large wallet activity is crucial to understanding future market dynamics. In potential breakthrough scenarios, a review of the movements of large wallets becomes particularly critical. It is reported that the largest wallet observed holds approximately 5.18 million SOLs, accounting for approximately 1% of the tracked supply. However, most of these wallets appear to be pledged accounts rather than related to an imminent sell-off.
Although large positions may manifest as selling pressure on the chain, these balances are mainly marked by pledged accounts, which means they may not flow to exchanges anytime soon.
