Solana eyes $170 as breakout, liquidity zones boost bullish outlook

Solana is trading near $105 after staging a recovery from its summer lows, reigniting optimism among traders about a continued rally. The combination of a long-term chart breakout, rising derivatives activity, and concentrated liquidity above the market is providing bullish traders with clearer targets in the weeks ahead.

Weekly breakout highlights $170 as next major target

Solana’s weekly chart shows the price emerging from a prolonged consolidation that was shaped by a rising multiyear support line and a downward-sloping resistance level from the 2025 highs. The recent rebound pushed SOL above the declining trendline, reinforcing the bullish technical outlook for the market.

A chart shared by trader Don identifies $170 as the next significant price objective for bulls. Don described the move succinctly, remarking that SOL “wants $170,” summarizing the prevailing optimistic outlook among some traders.

Don’s analysis points to $170 as the next significant upside objective for Solana, with longer-term resistance placed at $280.

At the time of writing, Solana was priced around $105.56, posting a gain of 0.8% over the previous 24 hours, according to data from CoinMarketCap. The $170 target stands roughly 61% above the current price, indicating that a breakout would need further confirmation before such levels come into focus.

Momentum has started to improve, with the weekly relative strength index rising to approximately 60. This level sits above the neutral 50 mark, but remains comfortably below the overbought threshold of 70.

The bullish case stays intact so long as SOL maintains its position above the recently broken trendline. However, a drop below that level could weaken the setup and potentially initiate a new consolidation period.

Liquidity clusters and derivatives positioning

Analysis of derivatives markets provides further insight into potential price action. The liquidation heatmap indicates a pronounced concentration of liquidity around the $145–$150 level, which lies above SOL’s current price.

These liquidity zones can serve as magnets for price movements, as large concentrations of leveraged positions carry the risk of forced liquidations if prices rise into their stop-out levels. While these areas are not guaranteed targets, they often become focal points of increased volatility whenever approached.

Above the $150 region, the heatmap also identifies additional liquidity at $180–$200 and a more substantial concentration between $240 and $250, aligning with the longer-term bullish structure that points toward the $280 resistance zone.

On the downside, notable liquidity remains in the $60–$70 price range, underscoring the risk that a sharp reversal could quickly erode the bullish narrative if the breakout fails.

Recent data also show that Solana derivatives traders are rebuilding positions after a previous reduction in overall leverage. Open interest in Solana derivatives has recovered, reaching an estimated $6 billion to $7 billion, after spending much of the prior period near $4 billion to $5 billion. Open interest remains well below its all-time peak near $17 billion.

Increasing open interest, especially when paired with a rising underlying price, can signal renewed participation and growing sentiment among market participants. However, it is important to note that open interest reflects exposure from both longs and shorts, meaning that volatility can increase in either direction when leverage builds up.

In the near term, the $145–$150 region appears as the first major upside test for Solana. A convincing break above this area could pave the way for a move toward Don’s $170 target. Sustained strength beyond that level may attract further attention to higher resistance levels closer to $280.

Mini dictionary: Liquidation heatmap, a chart that displays areas where large concentrations of leveraged trading positions are likely to face forced closure if price moves to certain levels, often used by traders to identify zones of potential high volatility.