Solana Price Forecast: Could SOL Hit $90 and Rise Higher?

Solana price jumped sharply on Tuesday amid a wider market rally. This comes after the reports of US-Iran peace talks circulated. At press time, SOL trades at $85.51 with a gain of 4.07% in the last 24 hours. Market cap stands at $49.36 billion. SOL remains in a downtrend, technically Solana should sustain above $77 to avoid a steeper correction.

SOL ETF Accumulation Nears $1 billion

SOL is facing mixed sentiment in the institutional market amid the blockade of the Strait of Hormuz by the US. According to SoSoValue, Solana ETFs recorded $11.45 million in inflows on Friday, limiting the last week's outflow to $5.62 million. This sudden inflow reinforces institutional strength in Solana but marks the third consecutive weekly outflow.

Meanwhile, according to CoinGlass data, Open Interest rose 8.31% to $5.15 billion. This suggests new long positions are being built by traders instead of just short covering. Volume also surged 68.78% to $12.95 billion, which indicates strong speculative interest.

At the same time, the OI-weighted funding rate reached +0.0078%. This suggests that long positions are dominant, with traders paying a premium to hold bullish positions. The long/short ratio stands above 1 confirms a bullish bias. Top traders on Binance are aggressively positioned on the long side, with ratios exceeding 2.0.

Technical Structure: Will SOL Surge Above $90?

SOL has been trading in a parallel channel for the better part of two weeks and just made a push toward the upper boundary of the channel, reaching near $87 before pulling back and now sitting at $85.51, still holding near the highs. 

The $81.50-$82 zone is the support zone to watch on any pullback. Earlier, this range acted as a floor multiple times throughout this range. Holding above $81.50-$82 keeps the push toward the $86.50-$87.10 resistance alive. 

Losing that range drives the price back in the middle of the zone with limited directional conviction. The structure is still rangebound, and this recent push toward the upper boundary is the strongest attempt at breaking out. 

SOL holds below the 50-day Exponential Moving Average (EMA) at $87.43, near the downward resistance trendline. Meanwhile, the 100- and 200-day EMAs at $99.19 and $118.32, respectively, reinforce the upside cap. 

The Relative Strength Index (RSI) stands at 52, just above the midline, and the Moving Average Convergence Divergence (MACD) line is below zero, hinting that downside pressure is softening. 

The immediate support SOL is $81.60, which guards the downside toward the February 5 low at $77.50. On the Upside, initial resistance emerges at $87.43. Above that, the 100-day EMA at $99.19 and the 200-day EMA at $118.32 are stronger hurdles.

As long as the $86.50-$87.10 is not strongly broken and sustained, caution is warranted.

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