Solana (SOL) is among the best-performing tokens in the top 5 in the past 7 days with a 12% gain, as the crypto market has entered a fresh bullish cycle.
Following a bullish flag pattern breakout, SOL quickly moved to hit our short-term target of $120 per token.
Although the price has started to retreat off this key resistance, we expect that this rally will continue toward much higher levels, as on-chain data gets hotter.
Over $500 million worth of long positions have been liquidated in the futures market in the past 24 hours as a result of a strong decline yesterday.
Traders Continue to Position for the Continuation of Solana’s Rally
Market participants seem ready to take a breather at this point, but data from Wall Street and the futures market indicate ongoing bullish positioning, as investors expect the continuation of the rally once this profit-taking move ends.
As per data from CoinGlass, open interest (OI) in Solana futures has been steadily recovering, moving from a recent low of $5.9 billion on September 17 to $6.9 billion at the time of writing. Compared to April 2025, OI is much higher now than it was back then.
This indicates that interest in Solana is stronger, which could result in higher upward pressure, especially if the rally’s momentum increases and FOMO starts to kick in.
Meanwhile, according to data from SoSoValue, net inflows to Solana-linked exchange-traded funds (ETFs) have been positive for 8 days in a row. A total of $130 million has flowed to these vehicles during this period.
All of this data reflects that both the spot and futures markets are currently positioning for the continuation of this rally.
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See all Solana forecastsApp Fees Rise to Highest Level Since September 2025
Meanwhile, turning to on-chain data, app fees have been steadily rising in the past 9 weeks, indicating stronger usage of Solana’s top DeFi protocols and memecoin launchpads – e.g., Pump.fun.
The latter protocol continues to be the undisputed leader in this front, bringing in $161 million in fees in the past 30 days alone. Comparatively, its closest rival in terms of fee-generation capacity, Axiom, collected just a quarter of that income during the same period.
During the second week of September, apps collected over $100 million from users for the first time since September 2025. Back then, SOL was trading at a much higher price, exceeding $200 per token.
Meanwhile, during January-February 2026, app fees neared these levels, as SOL traded at around $140. Hence, from a fundamental standpoint, Solana seems to be undervalued at its current price when compared to these on-chain metrics. This supports the continuation of the rally as well.
SOL Could Deliver a 32% Gain If This Happens
Turning to the charts, we see two potential buy zones for Solana if this pullback intensifies. The first, and closest one, is the $113 level, which was a key demand area on lower time frames.
However, the most likely landing zone for the token in the next few days should be the $107 – $110 price range. A strong bounce off this level will confirm that Solana is maintaining its bullish market structure, while providing an opportunity for late buyers to enter the rally at a more decent price point.
The token’s next stop after hitting our short-term target of $120 should be the $145 – $150 zone, implying a 32% upside potential in the near term.
