Solana (SOL) extended its March rebound this week, with one widely followed analyst pointing to a potential break above the $100 level as institutional inflows strengthen and sentiment improves around U.S. crypto regulation.
Price Action: SOL Rebounds Toward Key Round Number
After spending roughly six weeks consolidating between $77 and $92, SOL rallied about 22% from its March lows and touched a one-month high near $97 earlier this week before easing toward the $90 area midweek. The $100 mark remains a closely watched psychological level for traders.
Analyst View: Bullish Signal and Thin Overhead Supply
Analyst Ali Martinez said Solana’s daily SuperTrend indicator flipped from “Sell” to “Buy” for the first time since January, a development he views as supportive of a relief rally. Martinez added that his analysis shows limited resistance until the $100 region, with a potential extension toward $115 if momentum persists.
According to Martinez, a realized price distribution metric indicates a “robust demand floor” between $85.55 and $82.60, where approximately 76 million SOL were transacted during a 38-day accumulation phase. He argued this period likely absorbed significant sell-side liquidity, leaving “no significant supply barriers” on the horizontal profile until the $100 area, followed by a liquidity cluster around $115. Martinez also highlighted a 39-day distribution zone around $93 that has flipped into a structural support, suggesting a breakout could accelerate if that level holds.
Institutional Flows Strengthen
Institutional appetite appears to be improving alongside price. Solana-focused exchange-traded products recorded their strongest single-day net inflows in two weeks on March 17, taking in $17.81 million, according to SoSoValue. The products also notched their best weekly performance since the mid-January drawdown and have posted five consecutive weeks of positive net flows despite broader market volatility. Cumulative net inflows now stand at $989.3 million, just shy of the $1 billion milestone, SoSoValue reported.
Regulatory Backdrop Lifts Sentiment
Market sentiment has also been buoyed by reports of increased clarity from U.S. regulators on how existing laws apply to digital assets. In recent communications, federal agencies have outlined enforcement priorities and market structure considerations, while the CFTC has reiterated its view of certain major assets as commodities. While the classification of many tokens remains subject to ongoing legal and policy debates, traders have interpreted the tone as incrementally constructive for large-cap crypto assets, including Solana.
At the time of writing, SOL was trading around $90, up roughly 6% over the past month.