Solana Price Breakout Imminent as Analyst Eyes Rally Towards $130

Solana's price has stabilized above $100 after gaining 5% in the previous 24-hour period. The token is trading at around $101.32, outperforming the broader cryptocurrency market.

The development comes as a House committee passed H.R. 8957, which proposed establishing a federal Strategic Bitcoin Reserve. This move has underpinned expectations of institutional adoption in the crypto space.

Crypto analyst Ali believes that Solana's price is approaching a breakout on its four-hour chart. A bull flag appears to be forming, with $105 identified as key resistance separating the token from a potential bullish extension towards $130.

The analyst notes that confirmation of this breakout could provide a gateway to $130, but warns that overcoming nearby resistance and maintaining support during any subsequent retest is crucial. Any short-term action above $105 without an authoritative close may result in a false breakout.