Solana's Bullish Technical Setup Sparks $115 Price Target

Solana (SOL) has flashed a buy signal for the first time since January, according to analyst Ali Martinez.

The token's SuperTrend indicator flipped from Sell to Buy on the daily chart, indicating a potential relief rally. SOL jumped 22% from its March lows and briefly touched $97 earlier this week before pulling back to $90 on Wednesday.

Martinez cited the UTXO Realized Price Distribution metric, which shows a demand floor between $82.60 and $85.55 where 76 million SOL tokens changed hands. He noted that this accumulation phase has effectively exhausted sell-side liquidity and left SOL with 'a clear path toward the $100 psychological level, followed by the $115 liquidity cluster.'

Notably, spot Solana ETFs recorded their strongest inflows in two weeks, with $17.81 million in net inflows on March 17. The funds have maintained a five-week positive streak and brought cumulative net inflows to $989.3 million.