Solana [SOL] prices are pushing against a major pennant-pattern resistance at $142 after spending the past week moving within a tight consolidation range.
The setup has traders and investors alike watching the token price action closely, especially as the pattern has already delivered several strong moves for Solana over the past month.
Solana ETF inflows return as institutions re-enter the market
Since Solana’s price bounced off the pennant support on the 22nd of November, institutional appetite for the altcoin has followed a similar trajectory.
According to the recent data, Solana ETF inflows have picked up again, mirroring the pattern seen during previous retests of this formation.
Each inflow spike has coincided with a strong upward price reaction. The steady return of capital into the Solana ETFs suggests that institutions remain confident in SOL’s medium-term outlook.
Although volumes have not yet matched previous highs, the rhythm of inflows remains intact, a signal that market participants may be positioning for another expansion phase.
Source: CoinGlass
AMBCrypto’s analysis of CoinGlass shows Solana’s Open Interest surged 10%, at press time, reaching $3.0 billion. This significant rise highlights growing market activity and could set the stage for a potential breakout.
Source: Coinalyze
That’s not all, the token trading volume has also recorded significant gains over the last 24 hours. Notably, SOL’s trading volume has surged by $7 billion to reach $48 billion.
The surge is massive, and a corresponding response in the token price action is expected in the near future.
Source: Token Terminal
Can Solana break out toward $170?
SOL’s price is now pressing against the upper boundary of the pennant after bouncing from key support near $130. This move sets up a decisive moment for short‑term momentum.
If buyers succeed in forcing a clean breakout, the next major target lies at $170. That level has previously triggered multiple rejections, so a breakout could attract stronger institutional and whale participation.
On the other hand, if SOL fails to break above the resistance around $142, the token will likely continue consolidating within the pennant pattern.
Source: TradingView
Paired with the surging ETF inflows and confluence support zones, SOL’s long-term structure still leans bullish and points to a potential breakout to $170 in the near future.
Final Thoughts
- Solana’s recent gains have pushed its price to test a key pennant resistance at $142.
- The token’s bullish on-chain metrics point to a potential breakout.
Source: https://ambcrypto.com/can-solana-hit-170-only-if-sol-clears-this-price-level/
