Solana (SOL) surged past the $80 resistance level amid a broader crypto market rally, with analysts noting improving fundamentals including rising ETF inflows and tokenization activity. Nearly $40 million in short positions were liquidated as SOL pushed higher. However, some observers caution that the move remains dependent on SOL/BTC momentum to confirm a sustainable uptrend toward the $100 target.
Solana cleared the $80 supply zone, reopening a potential path toward $100 by the end of Q3.
The altcoin’s tokenization and ETF momentum continues to pick up, with Backpack and Sunrise’s tokenized stocks on Solana already outperforming U.S. exchanges after just seven weeks.
According to SoSoValue, Solana ETFs ended the week with over $10 million in net inflows, marking their strongest weekly inflow since the May cycle.
Combined with strong tokenization activity, this points to growing institutional interest and adds more weight to the $100 target.
Nearly $40 million in SOL shorts were liquidated in the last hour as SOL pushed back above $80, as stated by SolanaFloor.
The largest single short liquidation was $1 million around $82. Meanwhile, Arkham spotted a $40 million leveraged long opened by one trader.
With Solana’s fundamentals strengthening, the bet looks strategic, putting the $100 target back in play.
However, some analysts remain cautious, arguing that the 10%+ move is largely driven by short-term capital rotation.
SOL/BTC is trending higher but remains well below the 0.0013 resistance from early July.
In essence, Solana’s fundamentals are getting stronger, but the rally still needs more SOL/BTC strength to show that the move toward $100 can hold.
Otherwise, this could turn into another “Bitcoin-led” cycle, with growing leveraged longs potentially becoming a risky trade.
