Solana (SOL) Breakout Incoming: How High Can the Price Go?

A trader who has never been wrong before opened a $20.2 million long position on Solana. SOL had quite a successful September, posting a price increase of almost 20% and currently trading at $120 (per CoinGecko). Analysts now eye further gains toward $150 and beyond. However, certain technical indicators suggest that a short-term pullback may also be on the horizon. What’s Next? Ali Martinez paid special attention to the strong institutional demand, noting that spot US SOL ETFs continue to absorb Solana. He said these products have accumulated roughly 4.37 million coins (worth around $450 million) since July 13, marking 11 consecutive weeks of net inflows. That said, he assumed that SOL might be headed toward $150. In fact, last week was the second-best for these exchange-traded funds, which accumulated nearly $190 million. As CryptoPotato reported, the cumulative total inflows into the products skyrocketed to a new all-time high of $1.62 billion. X users Gordon and Scient also weighed in. The former argued that “dips are for buying,” adding that the perfect trading strategy would be to accumulate SOL at around $100 and sell above $500. Scient expects a sell-off at the start of Oct...