Solana (SOL) is showing a bullish technical setup with a path toward $115 after breaking out of a six-week consolidation range, as spot SOL exchange-traded funds posted their strongest inflows in two weeks and U.S. regulators jointly classified the token as a digital commodity rather than a security.
What Happened
Analyst Ali Martinez flagged that SOL's SuperTrend indicator flipped from Sell to Buy on the daily chart for the first time since January, pointing to a potential relief rally.
The token jumped 22% from its March lows and briefly touched a one-month high of $97 earlier this week before pulling back to $90 on Wednesday. It had been stuck between $77 and $92 for roughly six weeks, failing to break the upper boundary on multiple attempts.
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.
"This 38-day accumulation phase has effectively exhausted sell-side liquidity," he wrote, adding that SOL has "a clear path toward the $100 psychological level, followed by the $115 liquidity cluster." He stressed that the ceiling above current prices is "significantly thinner than the current floor" and that if SOL holds the structural support near $93, a rally could unfold "much faster than people think."
As of this writing, SOL trades at $88, up 5.2% over the past month.
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Why It Matters
Spot Solana ETFs recorded $17.81 million in net inflows on Mar. 17, their highest single-day figure since the start of the month, according to SoSoValue data. The funds have maintained a five-week positive streak despite broader market volatility, bringing cumulative net inflows to $989.3 million — just short of the $1 billion mark.
On Tuesday, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued joint guidance confirming that most crypto assets — including Solana, Cardano (ADA), and XRP (XRP) — qualify as digital commodities rather than securities, placing them alongside Bitcoin (BTC) and Ethereum (ETH). The move resolves years of regulatory uncertainty for market participants.
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