SOL Price Signal Tied to Previous 142% Rally Flashes Again: Are the Bulls Back?

Solana (SOL) has surged over 7% in the past 24 hours, reaching $97.67 as of March 17, 2026. The price movement coincides with a 3.6% gain in the broader cryptocurrency market. Technical indicators show the price is above $92 and its 100-hour simple moving average.

Key resistance levels for traders include $98 and $100, with support at $94 and $88. A break above $100 could push the price toward $105 and $112, while a drop below $92 would threaten support at $88.

The total value locked on Solana has increased by 25% in the past 30 days, signaling renewed platform utilization and investor confidence. This trend, combined with a 13% weekly gain, has pushed the price to around $92–$93.

A recurring bullish pattern on Solana's weekly chart has reappeared, similar to setups observed in previous significant rallies. This pattern features consecutive candles with long lower wicks, suggesting that buyers are absorbing selling pressure.

The pattern previously led to a 1,604% rally in 2023 and a 142% gain in 2025. Analysts suggest that Solana's price has completed an accumulation phase and is now holding above $93.50.

Why Did This Happen?

Institutional demand for Solana has been evident through ETF inflows and derivatives market activity. ETFs focused on SOL saw $10.70 million in net weekly inflows, with futures open interest rising by over 7% to $5.57 billion.

Positive inflows from ETFs on March 13, 11, and 12 totaled $7.60 million, $1.7 million, and $3.9 million respectively. This inflow trend has supported the price rally alongside Bitcoin's broader market strength.

Tokenized real-world asset issuance has also grown significantly on the Solana blockchain, reaching $873 million. This expansion supports the bullish case for the asset by increasing its real-world utility and appeal.

How Did Markets React?

Derivatives market activity shows a mixed picture. Open interest remains below $2.3 billion, and spot volume delta has stabilized, indicating easing selling pressure.

Short sellers have also been caught off guard. In the last 24 hours, $14.43 million in bear position liquidations were recorded. This suggests that the recent price move has caught bearish traders in a losing position.

The 50-day EMA is currently at $94.17 and acts as immediate technical resistance. A break above this level could lead to further gains.

Stablecoin activity has also supported the rally. Circle minted approximately 2 billion USDC on the Solana blockchain in the last week, increasing the network's stablecoin share and boosting DeFi liquidity.

What Are Analysts Watching Next?

Analysts are closely monitoring key levels to determine the next move. The next upside target is near $120, followed by $145 if the bullish trend continues. A confirmation above $100 would be a major step toward these levels.

Market activity shows early signs of recovery, with cumulative volume delta stabilizing. If this trend continues, it could signal a shift in market sentiment toward the bullish side.

Investors are also watching for signs of accumulation. A continuation of the current price action above $93.50 could confirm that the bullish trend is in place. A break below this level would indicate that the rally is losing steam.

The price surge has also drawn attention to Solana's broader ecosystem growth. Network upgrades such as Alpenglow are expected to enhance performance and support further adoption.

Market participants are advised to watch the derivatives market closely for signs of increased bullish momentum. A rise in open interest above $2.3 billion could signal renewed institutional buying interest.

The recent rally has brought renewed optimism to the Solana market. While caution is warranted, the combination of positive technical indicators, ETF inflows, and ecosystem growth suggests that the bulls may have the momentum to push the price higher.