Solana Price Breaks Out, Targets $100 Amid Market-Wide Short Squeeze

Solana's price has broken out of its two-month range and is now targeting $100. The token surged 25% over the past week, reaching a high of $93.39 on August 21 due to a market-wide short squeeze.

The breakout saw Solana clear its major moving averages, including the 20-day, 50-day, 100-day, and 200-day SMAs. However, the daily relative strength index has reached 81.74, indicating that momentum is stretched and may require consolidation before another sustainable advance.

Despite this cautionary note, Solana's price remains above its key moving averages, with support levels at $87-$90 and $80-$81.