Will Solana break $100? Whales in the futures market moved quietly first.

▲ Solana (SOL)/AI generated image

Bullish positions are rapidly accumulating in the Solana (SOL) futures market, reigniting the possibility of a break above $100. With improving demand from both retail and institutional investors, the breakthrough of a long-term resistance trend line on the short-term chart has been presented as a key basis for an upward scenario.

FXStreet reported on May 6 that Solana was trading above $87 on Wednesday, extending its rally for three consecutive days. Bullish bets are increasing in the Solana futures market, and steady capital inflows into Solana spot ETFs suggest that market expectations are leaning towards further upside.

According to CoinGlass data, Solana futures open interest increased by over 7% in the past 24 hours, reaching $5.26 billion. An increase in open interest generally signifies expanded leverage exposure or new position entries, interpreted as a sign of revitalized trading activity. The funding rate also recorded a positive value of 0.0059%, confirming a trend of paying a premium for long positions.

Liquidation data also supported the buy-dominant trend. The total liquidation amount in the past 24 hours was $7.27 million, with short position liquidations accounting for $6.69 million. The long/short ratio also surged from 1.0319 on Wednesday to 1.1442, indicating an increase in active long positions. In terms of institutional demand, Solana spot ETFs recorded a net inflow of $1.74 million on Tuesday, following a net inflow of $3.28 million the previous day.

Technical trends also support the upside. Solana is trading above the 50-period exponential moving average (EMA) of $84.82 and the 200-period EMA of $85.04 on the 4-hour chart, with this range acting as a bottom support level. Securing support around $86.45 after breaking through the previous downtrend resistance line also strengthened the short-term bullish structure. The 4-hour Relative Strength Index (RSI) is 68, approaching the overbought threshold of 70, and the Moving Average Convergence Divergence (MACD) is maintaining a strong histogram in the positive territory above the signal line.

Upper resistance levels are presented at $87.76, $91.26, $94.40, $97.62, and $100.80. Conversely, in case of a decline, immediate support is around the reclaimed trend line at $86.45, with the 200-period EMA at $85.04 and the 50-period EMA at $84.82 identified as concentrated demand zones during a correction. Solana's short-term trend is focused on whether it will attempt to break $100 amidst continued expansion of futures positions and ETF inflows.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*