Solana Breaks Key Resistance as Short Sellers Get Squeezed
Solana (SOL) has broken through its key resistance level of $96.24, and short sellers are paying the price.
According to ChatGPT AI predictions, SOL's breakout has room to extend with ETF inflows and a brutal short squeeze driving the move.
The rally is part of a broader crypto recovery, with Bitcoin reclaiming $85,000 for the first time in eight months. However, Solana's move has its own drivers, including volatility topping 9.52% today and daily volume reaching $988 million.
Over the past 24 hours, $23.72 million of SOL positions were wiped out across 3,968 traders, with over 90% of the pain landing on short sellers. The largest single liquidation was worth $973,702, and the damage peaked between 10:00 and 11:00 UTC.
ETF demand is also providing a patient layer of support underneath, with US Solana ETFs absorbing 468,600 SOL on September 18 alone, worth roughly $55 million at today's prices. Since launch, these funds have accumulated about 652,500 SOL, worth close to $77 million.
ChatGPT AI predicts that SOL will face its immediate test at $118.60, with a daily close above this level confirming the breakout and opening the path higher. The next target is between $130 and $140, with little overhead resistance between $120 and $145.