Solana Price Breaks Out of Consolidation Range, Sets Sights on $100

Solana's price action has been closely watched by investors in recent weeks, and the altcoin has finally broken out of its consolidation range. With $90 now acting as support, SOL has surged to a monthly high near $94.2.

As of this writing, Solana is trading at around $94.13, up 6.38% on the daily charts. This significant price movement has also seen the altcoin reclaim its EMA20 and test the EMA50.

The increasing demand for SOL can be attributed to a combination of factors, including rising leverage and increased speculation in derivatives markets. Perpetual trading volume has surged to $600 million, while futures inflows have jumped to $2.48 billion.