Solana Rally Continues: On-Chain Data Supports $150 Target

The Solana (SOL) token has been one of the top performers in the past week, gaining 12% as the crypto market enters a fresh bullish cycle. Following a breakout from a bullish flag pattern, SOL reached its short-term target of $120 per token and is expected to continue rising.

Despite a recent pullback from this key resistance level, on-chain data suggests that Solana's rally will persist. Over $500 million in long positions have been liquidated in the futures market in the past 24 hours, indicating ongoing bullish positioning.

Data from CoinGlass shows that open interest (OI) in Solana futures has recovered to $6.9 billion, significantly higher than its recent low of $5.9 billion on September 17. Meanwhile, net inflows to Solana-linked exchange-traded funds (ETFs) have been positive for 8 days in a row, with over $130 million flowing into these vehicles during this period.

App fees on the Solana network have also been rising, indicating stronger usage of its top DeFi protocols and memecoin launchpads. This fundamental data supports the continuation of Solana's rally, which could deliver a 32% gain if it reaches its next target zone of $145-$150.