Amid strong institutional demand and regulatory clarity from US authorities, an analyst has suggested that Solana (SOL) could potentially rally above a crucial psychological barrier for the first time in a month.
Clear Skies Ahead For SolanaOver the past week, Solana has had a remarkable performance, jumping 22% from March lows and breaking out of its multi-week consolidation range. The cryptocurrency has been hovering between the $77 and $92 levels over the past month and a half, failing to break above the upper zone of this range despite multiple attempts.
As he explained, the SuperTrend indicator, which is used to identify the current market trend, has turned bullish on Solana, flipping from Sell to Buy on the daily chart. In addition, the market watcher noted that there’s little resistance until the $100 psychological barrier, signaling a potential breakout to $115.
Per the post, the UTXO Realized Price Distribution (URPD) metric shows that “a robust demand floor” was established between $85.55 and $82.60, where 76 million SOL tokens were transacted.
“This 38-day accumulation phase has effectively exhausted sell-side liquidity. With no significant supply barriers remaining on the horizontal profile, Solana has a clear path toward the $100 psychological level, followed by the $115 liquidity cluster,” he detailed, adding that the “‘ceiling’ is significantly thinner than the current floor.”
Institutional Demand, Regulatory Clarity Fuel SOL’s MomentumSOL’s anticipated recovery comes as spot Solana Exchange-Traded Funds (ETFs) record their largest single-day performance in two weeks and their best weekly run since the mid-January market crash.
Meanwhile, the SOL-based funds have seen a five-week positive streak despite market volatility, largely fueled by geopolitical tensions. As the report noted, Solana Spot ETFs have cumulative net inflows of $989.3 million amid strong, “just shy of the $1B milestone.”
As of this writing, Solana trades at $90, a 6.4% increase in the monthly timeframe.
