Solana Breaks Out of Consolidation, Sets Sights on $100

Solana's price action has been gaining traction in recent days, with the altcoin breaking out of its consolidation range and flipping the $90 level into support.

The price momentum strengthened as SOL jumped to a monthly high near $94.2 before experiencing a slight retracement, currently trading around $94.13 after gaining 6.38% on the daily charts.

Traders have been aggressively positioning themselves in derivatives markets, with increased risk appetite and speculation leading to higher Perps volume and futures inflows.

The altcoin's leverage is rising as buyers dominate the market, establishing a strong demand zone between $86 and $91. If demand holds, SOL could successfully retest EMA50 and eye a move above the key resistance of $100.