Solana (SOL) is holding above the $100 level, drawing attention to its future price outlook. According to a forecast by cryptocurrency media outlet CoinGape, citing an analysis by a crypto analyst, if Solana breaks above the $105 resistance level, an upward move toward $130 could follow.

Solana Outperforms the Market Average

According to CoinGape, Solana traded above $100 on Wednesday (local time). After rising roughly 5% over the previous 24 hours, Solana traded around $101.32, up 4.36%, showing stronger momentum than the overall cryptocurrency market during the same period.

Over the same period, the total cryptocurrency market capitalization rose 2.13% to $2.63 trillion, with the overall market climbing about 2.16%.

H.R. 8957 Passes... Improved Market Sentiment

CoinGape reported that market sentiment improved further as a U.S. House committee passed H.R. 8957, which calls for the establishment of a federal strategic Bitcoin reserve. According to the report, this development supported expectations for institutional crypto adoption, even as the broader CLARITY Act legislation recently faced setbacks.

According to CoinGape, Bitcoin approached $76,000, while Ethereum rose about 4% to around $2,450.

Analyst Ali: "The Key Price Level Is $105"

CoinGape, citing an analysis by crypto analyst Ali, reported that a breakout move could be nearing on Solana's 4-hour chart. Following its recent upward move, Solana has been consolidating in a narrower range around $101.

Ali identified $105 as the key resistance level that will determine Solana's chances of further gains. On September 17 (local time), he noted that a bull flag pattern was forming on Solana's 4-hour chart and stated that the key price level he is watching is $105. He predicted that if Solana consistently closes above $105, a bullish breakout could be confirmed, potentially leading to an upward move toward $130.

Based on this analysis, CoinGape reported that if the breakout is confirmed, a path could open toward $130, well above the current price. However, it noted that Solana must first break above the nearby resistance and then hold its support level as the price retests it.

Warning of a Possible 'False Breakout'

CoinGape cautioned that if Solana only briefly crosses above $105 without a decisive close, it could turn into a false breakout. According to the analysis relayed by CoinGape, a move above $105 could support the bullish outlook, but if the price falls back, Solana could remain range-bound.

Solana ETF News

Citing publicly available SoSoValue market data, CoinGape reported that Solana exchange-traded funds (ETFs) recorded net inflows of $836,930 on September 16 (local time).

Bitwise's BSOL saw inflows of $2.69 million, offsetting the $1.85 million that flowed out of Grayscale's GSOL. The remaining products saw no new fund inflows that day (local time).

The total net assets of the market, comprising seven products, stood at $1.38 billion, equivalent to about 2.38% of Solana's total market capitalization. According to CoinGape, total trading volume was $51.57 million, with BSOL being the largest fund at $945.76 million.

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