Solana Breaks Year-Long BTC Downtrend as Bulls Target $100 Soon

Solana trades near $80 as SOL/BTC breaks a year-long downtrend, with $84.78 resistance and $100 target in focus.

Solana traded near $80.79 after gaining 0.58% over the past 24 hours. The move came as buyers returned after weeks of heavy selling.

The token also showed strength against Bitcoin after breaking a year-long downtrend. Analyst Michaël van de Poppe said SOL remains in an uptrend against BTC.

Institutional inflows, stronger network activity, and improving chart signals supported the recovery. Traders are now watching whether SOL can move toward the $100 level.

Solana Stabilizes After Heavy Selling

Solana traded near $83 on February 17, according to CoinMarketCap data. The weekly move was mostly flat, but it marked a steadier close after steep losses. 

The token had weakened for several weeks before buyers returned near lower price levels.

The Solana ecosystem also showed a rise in total market value. Its market cap increased from $122.4 billion to $129.1 billion during the week. 

Therefore, activity improved while the wider crypto market remained under pressure.

Bitcoin fell about 1.9% during the week, while Ether dropped around 27%. However, Solana held firmer than both major assets during the same period. This helped draw attention back to SOL after a difficult month.

Institutional Activity Supports Solana Demand

Solana-linked products recorded about $31 million in weekly net inflows, according to CoinShares data. 

Meanwhile, crypto exchange-traded products saw $173 million in total net outflows. Bitcoin products accounted for most of those withdrawals during the same week.

Spot Solana ETFs also brought in about $5.75 million in net inflows. In addition, Securitize tokenized $295 million in listed common stock on Solana. 

The deal added more activity to Solana’s real-world asset market. On-chain growth also supported the latest recovery in SOL. 

Solana processed more than one billion weekly non-vote transactions for the first time. Tokenized asset spot volume also reached a quarterly record of $5.77 billion.

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Analyst Says SOL/BTC Trend Has Shifted

Analyst Michaël van de Poppe said SOL remains in an uptrend against Bitcoin. 

He said the token broke its year-long downtrend after a long period of weakness. He also said SOL could regain the $100 level over time.

SOL/BTC moved above its 21-day moving average during the recent breakout. The pair also turned the 0.0010874 BTC level into support. 

However, the next major resistance remains near 0.00182 BTC. Against the dollar, SOL traded near $81.64 on the daily chart. 

The price moved above the Bollinger Band midline at $72.74. It is now testing resistance near the upper band at $84.78.

The MACD reading also improved as the MACD line stayed above the signal line. 

Support now sits near $80.13, followed by the $72.74 area. If SOL clears $84.78, traders may watch the $88 to $92 range.

The post Solana Breaks Year-Long BTC Downtrend as Bulls Target $100 Soon appeared first on Live Bitcoin News.