Solana jumps 6.4% weekly as liquidations fuel $90 move

Solana (SOL) surged 6.4% over the past week to $88.87 on volume above $6.1B, with momentum largely driven by liquidation cascades. Liquidation clusters formed below $81 and above $89, flushing longs first and then triggering sharp upside reversals. The rally accelerated near $90 as shorts were also liquidated, adding forced-buy pressure. Traders are now focused on whether SOL can hold above $87. A break below $87 would likely pull SOL back toward $84, with further downside risk into the mid-$80s. Technically, the 4-hour chart is described as a cup-and-handle pattern. The cup formed after liquidity was swept from below $80, while the handle sits around $84–$86. A breakout above $93 prompted additional short liquidations. Key levels cited are support at $90 (then ~$86 if weakness continues) and invalidation if the setup fails. For confirmation, analysts highlight the importance of holding a monthly close above $90, signaling a broader sentiment shift and potential end to a six-month downtrend. Upside targets mentioned include $120, with longer-term resistance projected at $160–$180 and $240–$300. If SOL drops below $70, downside risk increases toward a deeper decline.