Key Takeaways:
- SOL crossed $100 for the first time since February after a 25% seven-day rally.
- Analysts expect a pullback toward $90 before the next leg targets $120.
- $100 million in short positions liquidated as Solana reclaimed its 200-day EMA.
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Solana hits $100 after 25% rally as pullback risk looms
Solana rose 25% to $100.00, its first move past triple digits since February, after a short squeeze liquidated $100 million in bearish positions.
Coinglass data shows the Aug. 18 liquidation event marked the token's second-largest single-day short wipeout on record, surpassed only by the October 10 flash crash. The Kobeissi Letter reported that Solana processed a record 4.2 billion transactions in July, up 13.5 percent from June.
Solana-linked exchange-traded funds attracted $95 million in net inflows over six days, and the Crypto Fear and Greed Index jumped to 80, its highest since December 2024. Protocol fees have recovered to January levels, though DEX volumes suggest memecoin trading has not yet returned. DefiLlama recorded $20.14 billion in seven-day DEX volume, a 103 percent increase from the prior week.
Analysts expect a pullback to the $90 area, where the 200-day exponential moving average and a horizontal resistance converge, before bulls target $120 — a 33 percent upside from that level. The Relative Strength Index has hit overbought, increasing the odds of a short-term correction.
The rally follows the U.S. Treasury Department's Aug. 19 announcement that it would at least double the maximum size of liquidity-support buybacks for long-dated government securities. The 30-year Treasury yield fell from a 19-year high of 5.34 percent to around 5.19 percent, easing pressure on risk assets across crypto and equities. Bitcoin gained 8.8 percent to near $69,803, while Ethereum rose 18.5 percent to $2,259 during the same period.
Solana's on-chain fundamentals have strengthened alongside the price move. The network processed 1.32 billion non-vote transactions from Aug. 17 through Aug. 23, its busiest seven-day period on record. Stablecoin supply on Solana reached about $15.94 billion, up 3.58 percent in seven days, with USDC accounting for 44.95 percent of the network's stablecoin market.
Real-world asset value on Solana reached approximately $3.97 billion by Aug. 25, an 11.81 percent increase over 30 days, according to RWA.xyz. The network's RWA value has grown from $2.01 billion in the first quarter.
Trading volume currently stands at $3.5 billion, accounting for more than 6 percent of the asset's circulating market cap. SOL remains well below its January 2025 record near $295 despite the eight-day advance.
The $100 level has proven to be a tough ceiling, with selling pressure emerging after SOL reached an intraday high near $102.88. Buyers defended the pullback toward $88 and drove the price back into the mid-$90 range. A sustained move above the recent high would require fresh buying, while a loss of the reclaimed moving averages could weaken the breakout structure.
Institutions have likely placed buy orders near the $90 area, as it is both psychologically and technically relevant. The next target for SOL, if the rally resumes, would be $120, meaning a 33 percent upside potential for those who enter at $90.
This article is for informational purposes only and does not constitute investment advice.
