Solana (SOL) is trading around $106.49 after dropping 0.19% over the past 24 hours, according to Brave New Coin data. The token moved between $104.64 and $110.17 during the session, with its market capitalization climbing to roughly $62.17 billion and trading volume near $6.85 billion.
The recent rally has pushed SOL decisively above the $97 level that previously acted as resistance. After breaking through that zone, price returned to test it as support before bouncing back above $100, giving bulls a cleaner technical base. Quinten Francois notes that the next major target sits near $120, with no significant structural resistance between current prices and $119-$120. As long as $97 holds on pullbacks, the breakout structure favors higher prices; a move back below it would weaken the bullish setup.
A momentum breakout has also supported the move. SOL escaped a long consolidation around $79-$80 while the RSI simultaneously pushed through its own resistance area, producing a rally of close to 40%. Trader Symba sees another expansion possible above $105, with a similar 40% move potentially placing SOL in the $145-$150 region, though elevated RSI suggests short-term pullbacks would be normal.
The Solana Rainbow Chart adds another layer to the outlook. It places SOL near the upper end of the “Fair Value” band around $90.75, while the next band, “Getting Spicy,” is near $139.29. Higher bands sit at $213.78 for “Frothy,” $328.11 for “FOMO,” and $503.59 for “Take Profits.” This makes $139-$140 the nearest major rainbow-chart objective.
Network fundamentals are also strengthening the case. Solana recently reached 5 million daily active addresses, according to the network’s official account, placing it ahead of several other major chains. While usage does not automatically translate into higher prices, sustained activity alongside improving technical structure adds a fundamental layer to the recovery.
In the short term, SOL is meeting fresh supply around $108-$110, where order-book data shows a growing sell wall. Buy walls remain near $100-$102 and deeper below. Absorbing the sell wall would strengthen the next push, while rejection could trigger another retest of $102-$100. Overall, the immediate test is whether buyers can clear $108-$110 and extend the rally toward $120, followed by the $139-$150 target zone. Losing $97 would be the first meaningful sign that momentum is fading.
