Solana's Breakout Hinges on Spot Demand Amid Derivatives-Driven Surge

Solana has broken through several key technical barriers, reaching above $94 and briefly trading at over $100 on Friday. However, this surge is largely driven by derivatives activity rather than spot buying.

The SOL/USD chart shows a reversal from the $74 area, which corresponds to the 0.382 Fibonacci retracement. From there, Solana reclaimed its 50-day ($77) and 100-day ($76) moving averages before crossing above the 200-day average at $81.

This move opened up new resistance levels, including $83 and the psychological $90 level. SOL broke through the latter and reached as high as $102 before pulling back to around $94. The rejection near $100 indicates that sellers are still active above the breakout zone.