Solana Aims for $120 as Chart Analysis Suggests Bullish Breakout

Solana has been on a tear since its August breakout, and it's not hard to see why. The altcoin has been trading above $100 for weeks, with a recent high of around $110.

The chart analysis suggests that Solana is setting up for a move towards $120, with the measured move math pointing to this target. The multi-month base between $76 and $100 was 24 points wide, which means a confirmed break above $100 projects roughly $124, right on top of the $120 level.

The rising long-term average underneath price is also a bullish sign, as it turns pullbacks into entries rather than exits. The RSI reading of 60.18 is in bullish territory with no overbought condition, meaning there is room for another leg before momentum needs a rest.

On the fundamental side, US spot Solana ETFs have recorded nine consecutive weeks of net inflows, with more than $200 million arriving in the past month alone. The SEC has also formally named SOL a core ETF asset alongside Bitcoin and Ether, which matters for future product launches.