- Solana’s rally toward $145 is being driven by bullish sentiment and positioning, even as network growth slows
- A breakout from a multi-month descending channel has shifted the technical outlook in favor of buyers
- Exchange outflows, short liquidations, and positive funding rates are quietly supporting upside momentum
Solana’s grind toward the $145 level is starting to feel deliberate, not chaotic. Market sentiment, both from retail traders and so-called smart money, has tilted clearly bullish, and that confidence is showing up in short-term positioning. The rally has energy behind it, even if not everyone is fully convinced yet.
Under the hood, though, the picture is more mixed. On-chain data shows that new weekly wallets have dropped sharply, falling from around 30.2 million in November to just 7.3 million more recently. That kind of contraction matters. Sustained price moves usually thrive on growing participation, not shrinking activity. Still, traders seem willing to front-run the move, betting that momentum can carry price higher before fundamentals catch up.
A Channel Break That Shifts the Tone
Technically, Solana has already done something meaningful. Price has broken out of a multi-month descending channel, a move that often marks the transition from correction to recovery. That breakout changes the broader narrative, at least for now.
At press time, SOL was trading near $140, with $145 acting as the immediate ceiling. A clean push above that zone could open the door toward $150, and potentially $170 if momentum accelerates. The MACD backs this view, having flipped bullish with rising histogram bars that suggest upside pressure is building rather than fading.
Still, confirmation matters. Solana needs to hold above the former channel resistance to validate this reversal. A failure here would likely send price back into consolidation, dull but familiar. Buyers have control, but they need follow-through to keep it.
Exchange Outflows Add Quiet Support
Spot market flows are leaning in Solana’s favor, at least quietly. Exchange netflows remain negative, sitting around -$1.53 million while price hovers near $140. That suggests reduced sell-side pressure, with more tokens moving off exchanges rather than onto them.
These aren’t massive outflows, and that’s important. The behavior points to steady holding, not aggressive accumulation or panic. Under these conditions, price often grinds higher instead of spiking. It’s a slower kind of support, but often more durable.
That said, sentiment can flip quickly near resistance. If inflows return as sellers step in around $145, the tone could change fast. For now, though, spot flows are giving bulls a stable base to work from.
Shorts Start to Feel Uncomfortable
Derivatives data shows growing pressure on bearish positions. On January 12, short liquidations totaled roughly $7.24 million, clearly outweighing long liquidations near $3.75 million. Binance and Bybit accounted for much of that damage, showing that shorts are actively fighting the move.
What stands out is that price hasn’t rolled over despite this resistance. As Solana inches closer to $145, trapped shorts face increasing stress. A decisive break above that level could trigger another wave of forced exits, adding fuel to the upside.
Liquidation dynamics, for now, favor buyers. Momentum doesn’t look exhausted yet.
Funding Signals Conviction, With Caveats
Funding rates have flipped positive, reinforcing the bullish bias. At around 0.0072%, traders are paying to stay long, a sign of conviction rather than hesitation. Open Interest-weighted data confirms that capital is concentrating on the long side.
That optimism isn’t without risk. Rising funding can quickly become a problem if longs crowd in too aggressively. For now, though, funding remains controlled, supportive rather than stretched. Leverage is helping the move, not distorting it.
As long as funding stays positive but restrained, Solana can maintain upward pressure. Sharp spikes would be the warning sign to watch.
The $145 Question
Solana has built enough structural strength and positioning support to challenge the $145 resistance in a meaningful way. Momentum is doing the heavy lifting right now, while network growth lags behind. That imbalance creates tension, but it doesn’t invalidate the move.
In the short term, sentiment is driving price. If positioning stays disciplined and supply remains tight, Solana has a real shot at clearing $145 and sustaining upside pressure. Longer term, though, network activity will need to reaccelerate to keep this rally honest.
