Solana Price News: 30% Gain Ahead If Bulls Keep SOL Above $90

Solana (SOL) has gone up by nearly 7% in the past month, rising above the $90 threshold once again as cryptos started the week with a positive tone.

Trading volumes went up by 30% during this period, nearly rising past the $5 billion level and accounting for 10% of the token’s circulating market cap.

President Donald Trump’s decision to pause the U.S. strikes on Iranian power plants catalyzed a strong move in the crypto market yesterday.

However, the selling pressure remains strong as most tokens are hitting key areas of resistance from which they have retreated in previous instances.

Bears Could Get Squeezed Hard if Prices Keep Rising

Liquidation data shows that there’s a significant potential for a short squeeze if this buying pressure manages to push Solana (SOL) above $90. Yesterday, over $370 million worth of short positions were blown up as cryptos rose past these resistances briefly.

However, Solana on-chain transactions declined last week, indicating weaker network usage just a few weeks after hitting a new record.

On-chain data from Artemis shows that total transactions closed last week at 774 million, meaning a 20% retreat compared to the recent peak.

Finally, we have seen an improvement in market sentiment recently, as the Fear and Greed Index rose from a recent low of 5 to 46, indicating that investors are more inclined to step out of the “panic” zone.

Potential 30% Ahead for SOL if Bulls Break Past $90

The daily chart shows that SOL hit $90 yesterday, and bulls are trying to push the token past this level today once again.

The American session will, as usual, define the direction that the price takes in the next few days. We already got a breakout recently and managed to hit $97. This time, if SOL breaks this barrier, the next stop should be $100, meaning an 11% upside potential.

The Relative Strength Index (RSI) currently sits at 54, but rose past 60 at some point last week. This means that positive momentum is accelerating and on the side of bulls.

If the price breaks $90 decisively, the mid-term target for SOL would be $120. This translates into a potential 30% gain from where the altcoin is right now.

Early Buy Signal Increases Odds of a Bullish Breakout

Heading to the 4-hour chart, we got a buy signal yesterday right after SOL hit $90. This is a clear sign that institutional participation is strong at that level, which confirms its technical relevance.

Another buy signal would be ideal right now, as it would indicate that volumes are picking up at this key level.

Our signals system tracks “decisional” candles that feature above-average volumes and a specific candle pattern. When these signals show up at key levels like this $90 area for Solana, we interpret it as evidence that the market is ready to make a move.

If the opposite occurs and the selling pressure rises, we may also see SOL dropping to $85 or $80, depending on how strong bearish momentum is.