Solana (SOL) traded at $90.63 on May 15, down 0.73% over 24 hours, according to Crypto.news data. The token maintained a 24-hour trading range of $90.43 to $93.58 with trading volume at $3.46 billion. As reported by Crypto.news, SOL currently ranks seventh by market value with a market cap of approximately $52.39 billion, keeping the token below the critical $98 resistance level that analysts are monitoring closely.
Ali Martinez from Ali Charts identifies $98 as the key level that could signal a bullish breakout for Solana, as reported by Crypto.news. The analyst notes that SOL has traded inside a defined price channel since February, with the channel floor at $78, ceiling at $98, and current pivot near $88. According to Martinez, a daily close above $98 could open a move toward $107, followed by $117, based on his chart setup. However, he warns that a failed move at $98 could drag SOL back toward $88 or even the $78 floor. Recent market data indicates that Binance's top traders have started increasing their SOL long exposure again, signaling improving confidence among sophisticated market participants.
Recent ecosystem data shows Sanctum leading total value locked (TVL) growth among major Solana protocols over the last 30 days, with USD-denominated TVL rising nearly 10%, while SOL-denominated TVL also recorded healthy gains. As reported by TradingView News, growing TVL is often viewed as a signal of increasing network participation, stronger liquidity conditions, and rising user engagement, all of which tend to reinforce bullish sentiment over time. The improving TVL metrics suggest strengthening fundamental momentum beneath the surface, supporting the technical breakout scenario.
As reported by Crypto.news, earlier reports showed that Solana had climbed above $96 before sellers appeared near the $96 to $100 region. The move was linked to Solana ETF optimism, the Alpenglow upgrade, Firedancer developments and stronger activity across Solana-based trading. Forward Industries reported a $585.6 million quarterly loss, driven mainly by marks on its SOL holdings, while holding nearly 6.98 million SOL. Additionally, DeFi Development Corp. reported that its fully converted SOL per share rose 108% over the past year, reaching 0.0670 on May 13.
According to Crypto.news, the wider cryptocurrency market faces headwinds with the total crypto market cap falling about 1.6% on May 14. The decline was attributed to hotter U.S. inflation data, heavy Bitcoin ETF outflows and weak risk appetite weighing on major tokens. Despite these challenges, Solana remains in focus through public company treasury updates and corporate balance sheet activity, keeping the token tied to both price action and institutional holdings as traders monitor the critical $98 breakout level. The latest market data suggests that institutional demand also appears resilient, with market participants highlighting that Bitwise's Solana-related investment products have attracted substantial inflows since launch, reinforcing confidence in Solana's longer-term investment thesis.
