Solana Seeks Breakout Above $100 as Bulls Eye $107
The Solana price has been consolidating in the $100-$105 range for two weeks, but this stability may be about to give way to a bullish breakout.
Ahead of the Consumer Price Index report on Friday, the US futures market saw a positive reaction, with the S&P 500 rising by 1.08% since Thursday's close.
This kind of price action has historically been favorable for crypto markets as well.
Over the past four hours, $290.7 million in short positions were liquidated, with Ethereum contributing $155.15 million to this total after breaking out past its local high at $2,530.
The Solana price has also been showing a bullish trend, having ended August on a green note after ten months of bearishness.
The rent reduction is likely to have helped SOL bulls as it reduces further issuance.