Solana Bull Flag Forms: Can Buyers Overcome $110 Resistance?

Solana's recent price action has formed a bull flag pattern, according to chart analysts. The cryptocurrency climbed from around $75 to an August high near $110, before pulling back and consolidating. This compression is characteristic of a bull flag setup, where a sharp advance is followed by a contained pullback.

The bull flag structure is defined by three key levels: the base at $98-$100, the falling trendline around $103-$105, and the former high at $110. A break above $103-$105 would remove immediate resistance, but it's the breakout above $110 that will truly test buyer conviction.

The recent increase in stablecoin supply on Solana to over $16 billion is a positive development for liquidity and trading volumes, but does not necessarily indicate direct buying pressure. A sustained breakout needs stronger spot demand, rather than just futures activity.