Solana (SOL) surges 10% in a single day, approaching $90. Technical breakout and ETF capital inflows point to the $100 mark?

On February 26, news reports indicate that Solana (SOL) price rebounded strongly in the past 24 hours, rising over 10%. It quickly climbed from a two-week low of $75 to nearly $89, driven mainly by a renewed market risk appetite. As Bitcoin recovered to the $66,800–$68,000 range, the total crypto market capitalization also recovered to approximately $2.28 trillion–$2.38 trillion. Mainstream assets generally strengthened, with Ethereum, XRP, and Dogecoin all recording gains to varying degrees. (Source: Farside Investors) Institutional capital inflows also supported SOL. On February 24, U.S. spot Bitcoin ETFs saw a net inflow of about $258 million, with Fidelity’s FBTC attracting $82.8 million, indicating a renewed institutional interest in crypto allocations. Meanwhile, the spot Solana ETF has accumulated a net inflow of about $40 million since early February, directly reinforcing market expectations and buying pressure for the Solana ecosystem.

Derivatives data also signals positive momentum. Open interest in SOL contracts increased by over 5% to approximately $5.27 billion, with about $15.4 million in short positions being passively closed, suggesting significant short squeeze dynamics that accelerated the price rally. From a technical perspective, the six-hour chart has broken above a symmetrical triangle pattern, with a target around $110, resonating with the 50-day moving average.

Key technical levels indicate that if the price remains above the 100-day moving average (around $86) and closes above the 20-day exponential moving average (around $88) on the daily chart, it could further test psychological levels at $95 and $100 in the short term. On-chain data platform Glassnode notes that there is relatively little long-term trapped supply above $85, implying limited selling pressure above that level and supporting trend continuation.

In terms of indicators, the RSI has risen to around 72, entering the high zone, and the MACD has generated a bullish crossover, suggesting ongoing bullish momentum. However, short-term consolidation may be needed. Resistance levels are concentrated around $90, $95, and $115, with $100 remaining a key breakout level. Analysts believe that if Bitcoin continues to challenge the $72,000 zone, SOL’s price could gain further upward momentum. Market focus will shift to whether SOL can stabilize above the EMA key band and sustain its upward structure.