Market context
SOL cleared its 200-day simple moving average on Thursday and tapped $93. 39 intraday, per Crypto. News, capping a 25% week that owes as much to a market-wide short squeeze as to Solana-specific flow.
Bitcoin's move back above $60,000 gave the beta trade cover, and the majors ran with it. Solana ran harder. The chart now has $98 as the next friction point and $100 as the round-number magnet, though the daily RSI is pushing into overbought territory.
Context matters: this is the first time since the spring drawdown that SOL has printed a daily close above its long-term trend line, and that alone changes the conversation for allocators who use the 200-day as a filter. What it doesn't change is the derivatives picture. Perp funding stayed subdued through the rally and on-chain perp volume was light, which is the tell that gets Cryptomat's attention.
Spot bid drove this. Leverage didn't chase.
Technical setup
The clean read is that SOL held the mid-$70s, built a base, and then broke out on above-average spot volume. The messier read is that the breakout candle went straight into the 200-day without pausing, and the wick to $93. 39 is now the level bulls have to defend.
A daily close back below the 200-day SMA - call it roughly $88 depending on your feed - invalidates the breakout and puts the mid-$80s back in play as the next demand zone. Above, the $98-$100 band is the obvious resistance cluster: prior swing highs, a psychological round number, and where late shorts will look to re-enter. A weekly close above $100 flips the script and opens $115 as the next technical waypoint.