Solana price rallied for the second consecutive day, clocking over 17% as the broader crypto maker recovered. It has now confirmed a bullish breakout from a symmetrical triangle pattern, which could lead to more upside over the coming sessions.

According to data from crypto.news, Solana (SOL) price rebounded 17.5% from its weekly low of $76.56 to an intraday high of nearly $90 on Thursday.

Solana price analysis

On the 4-hour chart, Solana price has broken out from the upper side of a symmetrical triangle pattern that had been forming since early February. A symmetrical triangle pattern is a structure formed when an asset price forms successive lower highs and higher lows as the asset undergoes a period of consolidation.

When an asset price breaks out from the upper side of such a pattern, it typically tends to continue its upward momentum over the sessions that follow.

In Solana’s case, while the token previously broke the lower trendline of the pattern due to a broader market drop, it was quickly reclaimed as bulls managed to push the token back above the upper trendline of the pattern that had been acting as dynamic resistance.

Based on the bullish breakout, Solana price eyes a rally past the $100 psychological resistance level toward $108, a target calculated by adding the height of the greatest swings within the symmetrical triangle to the point at which SOL price broke out of the pattern.

The bullish forecast is supported by other technical indicators, including the MACD and Supertrend. The MACD lines have pointed upwards with growing green histograms, while the Supertrend has flipped green.

Catalysts supporting Solana recovery

Solana price jumped amid a broader market rebound triggered by Bitcoin’s bounce back to near $70K levels and bullish market sentiment that followed after a stellar Q4 earnings report by AI chip-making titan Nvidia.

As Solana price surged, it led to liquidations of bearish bets on the leveraged markets. Data from CoinGlass shows nearly $27.5 million worth of short positions were liquidated from the SOL futures market in the past 24 hours, significantly outweighing long liquidations. 

SOL futures open interest has also surged nearly 5% to $5.3 billion over the past day while the weighted funding rate has turned positive.

Meanwhile, a sudden spike in institutional demand for spot Solana ETFs has also played a part in supporting the Solana surge today. Data from SoSoValue shows the spot Solana ETFs recorded a combined inflow of $30.86 million on Wednesday, nearly an eight-fold jump from the prior day and also marking the highest single-day inflows recorded since mid-December last year.

This renewed demand for SOL amid both derivatives and institutional traders could help it on its way towards the $108 target.