Solana price clears 200-day SMA with $100 in sight
Solana's price has surged 25% over the past week, breaking through key moving averages and exiting a two-month trading range. The rally is attributed to a market-wide short squeeze and a new partnership between the Solana Foundation and Shinhan Asset Management.
Why it matters
The breakout signals a potential shift in market sentiment for Solana, highlighting the impact of institutional partnerships and derivatives-driven volatility on crypto assets.
Solana price surged 25% over the past week and briefly reached $93.39 on Aug. 21 as a market-wide short squeeze pushed SOL above its major moving averages. The breakout has opened a path toward $98 and $100, although an overbought daily reading raises the risk of a short-term pullback. Solana price climbed 25% in one week and traded near $92 after reaching $93.39. SOL broke above its 20-day, 50-day, 100-day, and 200-day moving averages. The daily relative strength index reached 81.74, placing SOL deep in overbought territory. Liquidation data shows nearby liquidity around $93–$95, followed by support near $90 and $88. Solana price breaks out of a two-month range According to data from crypto.news, Solana (SOL) price was trading near $92 at the time of writing, up almost 5% on the day after moving between $87.57 and $93.39.
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