Solana Price Soars 25%, Targets $100 Breakout
Solana's price has broken out of its two-month range and is now targeting $100, after surging 25% over the past week. The token briefly reached $93.39 on August 21, thanks to a market-wide short squeeze that pushed $SOL above its major moving averages. This breakout has opened up a path toward $98 and $100, but an overbought daily reading raises the risk of a short-term pullback.
The advance extended Solana's weekly gain to approximately 25% and carried the token out of the range that had controlled its price since June. The daily chart shows $SOL breaking above the $76-$78 resistance zone, where several recovery attempts had failed during July and early August. Trading activity expanded during the breakout, supporting the move beyond the former range.
The short squeeze received additional support from Shinhan Asset Management's announced partnership with the Solana Foundation, which plans to test a Korean won-denominated tokenized bond fund modeled on BlackRock's BUIDL product. Network activity also supported the bullish narrative after Solana reportedly processed 1.2 billion non-vote transactions in one week.