Solana Price News: SOL Could Still Rise to $100 as Bullish Structure Holds

Solana (SOL) has gone up by nearly 1% in the past 24 hours and still maintains a bullish structure despite the strong drop the token experienced in the last couple of days.

Currently sitting at $88, SOL is tagging a key trend line support that needs to hold if bulls want to push it back to $100 in the near term.

Trading volumes have subsided from their recent highs, dropping to $3.3 billion and accounting for just 6.6% of the asset’s circulating market cap.

Investors are Back in “Fear Mode” After Powell’s Comments

On March 16, volumes rose to $6.5 billion, as SOL rose to $95. However, bulls seem to be cautiously taking profits early on during these rallies, as bearish sentiment across the entire market persists.

The Fear and Greed Index recently dropped from 46 (Neutral) to 30 (Fear) at the time of writing after the head of the U.S. Federal Reserve, Jerome Powell, emphasized that the impact of the Irán war is still “uncertain.”

A spike in oil prices could result in higher inflation down the road for the country’s economy, a situation that could force the Fed to postpone its interest rate cuts for this year or scrap them altogether until the situation in the Middle East is under control.

Solana Transaction Volumes Rise, But Fees Remain Low

We have been tracking Solana’s on-chain data for weeks, as there has been an interesting spike in network usage that has not yet translated into a sustained price increase for SOL, nor has it pushed the blockchain’s fees to higher levels.

The Solana blockchain processed over 880 million transactions last week, representing a mild 8% drop from its recent record of 959 million during the week ended on February 8.

However, network fees last week closed at $4.6 million, which is 50% less than what Solana collected during the June – September 2025 rally on a weekly basis, back when weekly transactions ranged between 700 million and 800 million.

Lower fees tend to support a lower valuation for blockchains. Hence, this divergence between fees and transaction volumes is bearish for Solana in the mid-term.

SOL Needs to Stay Above This Trend Line Support to Rally to $100

Now, heading to the charts, the 4-hour time frame shows that the selling pressure ramped up for SOL once it hit the $95 threshold. We came close to hitting $100, but bulls ran out of stamina, and bears took over the price action after Powell’s presser.

Despite the latest drop, Solana’s trend line support seems to be holding up quite well – at least until now. If we break below $87, SOL could drop to $77 in no time, meaning an 11.5% downside risk.

The Relative Strength Index (RSI) is also at a critical level from which the price has bounced multiple times in the past one and a half months.

A Buy Signal Right Now Would Confirm the Beginning of this Rally

If SOL starts to recover during the weekend, the odds of a rally toward $100 will increase significantly. That means a 12% upside potential for the token in the near term.

This opens up an interesting trading opportunity that could yield a 2.5x risk-reward ratio. However, we need further confirmation that this trend line support will hold.

This is where our signal system can be useful. If we get a “decisional” candle at these levels in the next few hours, that would confirm institutional and whale participation at $89.

Keep an eye on high-volume candles during the American session today, as this is what the market needs to push SOL to $100.