Solana price holds $100 on Wednesday after gaining roughly 5% in 24 hours. The token traded around $101.32, up 4.36%. Consequently, it outperformed the rest of the crypto market.
Why Solana price holds $100 matters
Total crypto market capitalization increased 2.13% to $2.63 trillion. Overall market performance gained about 2.16%. Meanwhile, sentiment improved after a House committee passed H.R. 8957. That bill offers a federal Strategic Bitcoin Reserve. Therefore, this underpinned institutional adoption expectations. This happened despite a recent CLARITY Act setback. Bitcoin was close to $76,000. Ethereum was near $2,450 after a 4% gain.
Solana price breakout nears as analyst eyes $130
Crypto analyst Ali indicates Solana may approach a breakout on the 4-hour chart. The trend formed after an upward move. Stabilization tightened around the $101 zone. The analyst identified $105 as key resistance. That level separates Solana from a possible bullish extension. Confirmation could open a gateway to $130. However, Solana must first overcome nearby resistance. It must also maintain support during any retest. Any short-term action above $105 without an authoritative close may result in a false breakout. A gain over $105 would support the bullish argument. A decline would keep the token in the range.
Solana ETFs draw $837K as Bitwise BSOL leads
According to Farside Investors data, Solana ETFs saw a net inflow of $836,930 on September 16. Bitwise BSOL received $2.69 million. This counterbalanced Grayscale GSOL’s withdrawal of $1.85 million. The other funds showed no new inflows. Total net assets amounted to $1.38 billion. That is 2.38% of Solana’s market cap. Total trading activity was $51.57 million. BSOL was the biggest fund at $945.76 million.
Solana price tests $105 as technical indicators support gains
The SOL price traded at $100.90, rising 0.55% in the latest 4-hour session. The recovery saw SOL go above the psychological $100. The MACD line is negative at -0.18. It is above the signal line of -0.58. The positive 0.39 histogram confirms improving momentum. Meanwhile, the RSI rose to 59.42. This reading signals increasing demand without overbought conditions. The $105 area presents the first short-term resistance. A sustained breakout could push the long-term projection toward $110. A close above $110 would support the bullish view. This action would reveal the second resistance point at around $120.
