SOL Nears $100 as Open Interest Approaches Yearly High

Solana (SOL) traded near $96.55 on the daily Binance Futures chart, rising 3.74% as price moved toward the key $100 area, according to technical analysis shared by traders on X. Open interest climbed to approximately 27.77 million SOL, approaching a yearly high marked around February, raising concerns about leverage concentration in the market.

Open Interest and Leverage Risk

According to analyst Ted on X, SOL open interest is approaching a yearly high, signaling increased leveraged positions entering the market. Rising open interest paired with price gains can support bullish momentum; however, it simultaneously raises liquidation risk if leveraged positions become overcrowded.

The $100 zone now serves as the main upside level for SOL. If buyers push above this threshold, the move could extend further. Conversely, if leveraged long positions become too concentrated, a pullback could trigger rapid liquidations and increase short-term volatility.

Price Targets and Resistance Zones

Solana’s daily chart shows SOL pushing above recent consolidation levels following a sharp move higher from the spring base, according to technical analysis from More Crypto Online on X. The first major upside area sits between $110.82 and $138.80, which includes the 100%, 123.6%, 138%, and 161.8% extension levels on the chart.

If SOL continues higher, this $110 to $138 zone becomes the main target for the current wave structure. Wider Fibonacci retracement levels mark additional resistance above that range, including $119.37, $142.00, $168.92, $216.29, and $250.94, suggesting SOL could face heavier selling pressure as it moves deeper into the recovery range.

Support Levels and Bearish Scenarios

The chart identifies lower support areas near $62.42 and $43.22 as wave iv support. A deeper bearish scenario points to the $48.78 to $31.95 zone. These support levels would only become relevant if SOL fails to hold the current breakout and falls back under key support levels.

For now, the chart shows buyers in control, with SOL having moved away from the lower base. The next critical test sits around the $110 to $138 resistance zone, which will determine whether the bullish move continues or slows.