The altcoin market has landed at a key spot, and Solana is no exception.
Crypto rallied over the past 24 hours, pushing Bitcoin and several altcoins beyond key resistance levels.
Solana cleared the $80 supply zone, reopening a potential path toward $100 by the end of Q3. Its improving fundamentals kept that target within reach.
As the chart below shows, Solana’s tokenization and ETF momentum continues to pick up. Just seven weeks in, Backpack and Sunrise’s tokenized stocks on Solana are already outperforming U.S. exchanges.
During regular hours, Solana trades roughly in line with TradFi. But pre-market, post-market, and overnight, the edge flips, highlighting Solana’s growing potential as an alternative to traditional market infrastructure.
Notably, the market is already starting to take notice.
According to SoSoValue, Solana ETFs ended the week with over $10 million in net inflows, marking their strongest weekly inflow since the May cycle.
Combined with strong tokenization activity, this points to growing institutional interest and adds more weight to the $100 SOL target.
Naturally, that brings the focus back to the past 24 hours.
With the broader market turning risk-on and Solana’s [SOL] fundamentals strengthening, the 10%+ move on the 19th of August could just be the start for SOL. However, the market still doesn’t look fully convinced.
Solana targets $100, but the rally needs more strength
The past 24 hours have been a textbook liquidation event.
Solana has been no exception.
According to SolanaFloor, nearly $40 million in SOL shorts were liquidated in the last hour as SOL pushed back above $80. The largest single short liquidation was $1 million around $82. Meanwhile, longs are piling back in, with Arkham spotting a $40 million leveraged long opened by one trader.
With Solana’s fundamentals strengthening, the bet looks strategic, putting the $100 target back in play. That said, some analysts remain cautious, arguing that the 10%+ move is largely driven by short-term capital rotation, with SOL/BTC trending higher, but it’s still well below the 0.0013 resistance from early July.
In essence, Solana’s fundamentals are getting stronger, but the rally still needs more SOL/BTC strength to show that the move toward $100 can hold.
Otherwise, this could turn into another “Bitcoin-led” cycle, as the wider market expected. In that case, the growing leveraged longs could become a risky trade, with traders potentially getting caught in a bull trap.
Hence, that makes the $100 target look fragile.
Final Summary
- Solana’s fundamentals are strengthening, with rising ETF inflows and tokenization activity supporting the $100 target.
- However, SOL needs stronger SOL/BTC momentum to sustain the rally, or rising leveraged longs could turn into a bull trap.