The Solana price has remained elevated over the past few days as improving sentiment across the crypto markets fueled a strong recovery rally. Hopes surrounding easing geopolitical tensions and renewed bullish momentum helped SOL surge more than 15% from its consolidation range near $83. However, the token faced strong resistance just below the psychological $100 level, slowing the ongoing uptrend.
Despite the rejection, the broader market structure remains bullish as on-chain activity, memecoin trading, and ecosystem participation on Solana continue to rise sharply. Meanwhile, SOL has gained another 1.5% in the past 24 hours to trade around $94.50, while technical indicators continue to signal the possibility of a fresh push toward the $100 milestone.
The SOL price is testing a crucial resistance zone between $95 and $100 after rebounding strongly from the April lows near $78, forming a bullish rounded-bottom pattern on the daily chart. The repeated recovery from lower levels suggests growing buyer strength, while the recent breakout above short-term resistance keeps the bullish momentum intact. The MACD has flipped bullish with rising histogram bars, indicating strengthening upward momentum, while the RSI remains above 65, signaling sustained buying pressure despite nearing overbought conditions.
A successful breakout above $100 could open the doors for a rally toward $105, whereas rejection may trigger a brief pullback toward $90 support.
Solana Open Interest Spikes as Traders Anticipate a Breakout Above $100
The derivatives data also support the growing bullish sentiment around Solana. According to the latest open interest chart, SOL futures open interest has surged sharply toward $6.5 billion alongside the recent price recovery, indicating that traders are increasingly opening fresh positions as momentum strengthens. The steady rise in open interest while the SOL price climbs toward the $95 region suggests growing market participation rather than a temporary short-covering bounce.
Historically, rising open interest combined with increasing prices reflects strong bullish conviction, as traders anticipate further upside. However, the sharp increase in leveraged positions also raises the possibility of heightened volatility in the short term. If SOL successfully breaks above the $100 resistance zone, the growing derivatives activity could further accelerate the rally toward higher resistance levels near $105 and beyond.
Will SOL Price Reach $100 This Month?
Despite repeated market-wide corrections over the past several months, the SOL price has managed to hold firmly above the crucial $75 support zone since 2024, highlighting the growing long-term strength of the asset. The latest recovery toward the $100 resistance level, combined with rising ecosystem activity and renewed speculative interest, suggests that bullish sentiment continues to dominate the market structure.
At the same time, Solana’s open interest is steadily climbing toward yearly highs, signaling increasing trader participation and growing confidence in a larger breakout move. If the bulls manage to push SOL above the psychological $100 barrier, the token could be positioned for an extended rally toward higher resistance levels in the coming weeks.
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