Solana Price Breaks Out of Symmetrical Triangle, Eyes Rally Above $100

Solana's recent price surge has been a notable trend in the cryptocurrency market, with the token experiencing a significant rally of over 17% on Thursday. This upswing can be attributed to the breakout from a symmetrical triangle pattern, which is a common technical indicator used by traders and investors to predict future price movements.

The symmetrical triangle pattern is characterized by successive lower highs and higher lows as the asset undergoes a period of consolidation. When an asset price breaks out from the upper side of this pattern, it often continues its upward momentum over the sessions that follow. In Solana's case, while the token previously broke the lower trendline of the pattern due to a broader market drop, it was quickly reclaimed as bulls managed to push the token back above the upper trendline of the pattern.

The bullish breakout is supported by other technical indicators, including the MACD and Supertrend. The MACD lines have pointed upwards with growing green histograms, while the Supertrend has flipped green. This positive sentiment is further reinforced by the sudden spike in institutional demand for spot Solana ETFs, which recorded a combined inflow of $30.86 million on Wednesday.

The renewed demand for SOL amid both derivatives and institutional traders could help it on its way towards the $108 target. However, it's essential to note that this article is not an investment advice, and readers should conduct their own research before making any decisions based on the information provided.