Solana Price Targets $130 as SOL Eyes $105 Breakout

Solana price remained above the key $100 level on Wednesday after gaining roughly 5% over the previous 24 hours, outperforming the broader cryptocurrency market. SOL traded near $101.32, up 4.36%, as improving market sentiment supported major digital assets.

The total crypto market capitalization climbed 2.13% to $2.63 trillion, while overall market performance rose around 2.16%. Sentiment also strengthened after a House committee passed H.R. 8957, which proposes establishing a federal Strategic Bitcoin Reserve. The development renewed institutional adoption expectations despite the recent setback for the broader CLARITY Act.

Bitcoin traded near $76,000, while Ethereum approached $2,450 after gaining about 4%.

Crypto analyst Ali highlighted a potential bull flag forming on Solana’s four-hour chart, identifying $105 as the critical resistance level. According to the analyst, a sustained close above $105 could confirm a bullish breakout and potentially send SOL toward $130.

However, Solana must decisively clear resistance and hold its gains during any subsequent retest. A brief move above $105 without a strong close could produce a false breakout and leave SOL trading within its existing range.

Institutional flows also provided some support. SoSoValue data showed Solana ETFs recorded $836,930 in net inflows on September 16. Bitwise’s BSOL attracted $2.69 million, offsetting $1.85 million in outflows from Grayscale’s GSOL. Total Solana ETF net assets stood at $1.38 billion, representing about 2.38% of SOL’s market capitalization, while daily trading volume reached $51.57 million.

Technical indicators suggest momentum is improving. The MACD line stood at -0.10, above the -0.55 signal line, while the positive 0.44 histogram indicated strengthening momentum. Meanwhile, the Relative Strength Index rose to 59.42, signaling increased buying pressure without entering overbought territory.

For the Solana price outlook, $105 remains the immediate hurdle. A sustained breakout could expose $110, followed by $120. Clearing these resistance levels would strengthen the bullish scenario and keep the analyst’s $130 SOL price target in focus.