Solana (SOL) Price Breaks Above Trendline Amid Institutional Inflows

Solana's (SOL) recent price action has caught the attention of traders, with the cryptocurrency breaking above a key resistance trendline. The price is currently trading around $94, holding strong above the critical $93.50 support level. This break above the trendline has been seen as a constructive sign by analysts tracking the chart structure.

In addition to the technical breakout, a rare weekly chart pattern has reappeared on SOL. According to crypto analyst WebTrend, this setup involves consecutive candles with long lower wicks, indicating that sellers are being absorbed by buyers at lower price levels. This pattern has only appeared a few times in the past three years, and it's worth noting that it preceded significant price rallies in 2023 (1,604% gain) and 2025 (142% gain).

Crypto trader Bluntz has pointed to a daily chart breakout from an ascending triangle, with higher lows meeting a flat resistance zone. The immediate upside target is $120, followed by $145 if that level is cleared.

Institutional inflows into spot SOL ETFs have continued for five straight days, with Tuesday marking the largest single-day figure in that streak at $17.81 million. This growing demand from institutional investors has been reflected in the Santiment's Social Dominance metric, which reached 1.36% on Wednesday - its highest reading since January 19.