Solana (SOL) price has rallied for a second consecutive day, surging over 17% to an intraday high of $90.97 on Thursday, February 26, 2026. This surge is part of a broader crypto market recovery, with Bitcoin bouncing back toward $70,000 levels and bullish sentiment fueled by Nvidia's stellar Q4 earnings report.
The primary catalyst for SOL's move was a confirmed bullish breakout from a symmetrical triangle pattern on the 4-hour chart. This technical pattern had been forming since early February, characterized by successive lower highs and higher lows. While the token briefly broke the lower trendline during a broader market drop, bulls quickly reclaimed it and pushed the price above the upper trendline, which had been acting as dynamic resistance.
Market analyst Ali Charts had previously identified $83.44 as a critical pivot and resistance level. A confirmed break above this level was projected to unlock upside targets at $87.11 and $90.97. SOL cleared the $83.44 barrier, and momentum accelerated rapidly, with the price moving through the $87.11 target with minimal hesitation and tapping the $90.97 zone.
Technical indicators support the bullish outlook. The Moving Average Convergence Divergence (MACD) lines are pointing upwards with growing green histograms, and the Supertrend indicator has flipped green. Based on the breakout, the next target is the psychological $100 level, with a further technical target calculated at $108.
The rally triggered significant liquidations in the derivatives market. Data from CoinGlass shows nearly $27.5 million worth of short positions were liquidated from the SOL futures market in the past 24 hours, far outweighing long liquidations. SOL futures open interest surged nearly 5% to $5.3 billion, and the weighted funding rate turned positive.
Institutional demand has also played a key supporting role. According to data from SoSoValue, spot Solana ETFs recorded a combined inflow of $30.86 million on Wednesday, February 25. This represents an almost eight-fold increase from the prior day and marks the highest single-day inflow since mid-December 2025. The renewed demand from both derivatives and institutional traders is seen as a key factor that could help SOL progress toward its higher price targets.
