Solana Price Hits $100 as SOL Faces 10% Pullback Risk

Solana (SOL) has surged by 25% over the past week, breaking through two significant resistance levels and reaching the $100 mark for the first time since February 2026. This surge was triggered by a massive short squeeze that pushed the token above the 200-day exponential moving average (EMA). However, the rally has become too rapid, and there is a risk of a 10% pullback, which would put SOL near the $90 area.

Despite this potential downside, analysts remain bullish on SOL's mid-term prospects, as both technical indicators and on-chain data continue to support a bullish outlook. Trading volume for SOL stands at $3.5 billion, accounting for over 6% of the circulating market cap, indicating persistent interest in the token. The U.S. Securities and Exchange Commission's proposed rules for the crypto space have also contributed to increased market sentiment, with SOL-linked exchange-traded funds attracting $95 million in net inflows over the past six days.

On-chain data shows that protocol fees have recovered and could reach levels not seen since January, while DEX volumes have lagged behind. Looking at the daily chart, a pullback to the $90 area is expected if selling pressure increases. This area holds both psychological and technical significance, as it coincides with the 200-day EMA and a horizontal resistance level.

If the rally resumes, SOL's next target would be $120, representing a 33% upside potential for investors who can acquire the token at $90.