Solana bulls face $98 test as $117 target comes into view

Solana (SOL) traded at $90.63 on May 15, down 0.73% over 24 hours. Crypto.news data showed a 24-hour range of $90.43 to $93.58, with trading volume at $3.46 billion. 

The token ranked seventh by market value, with a market cap of about $52.39 billion.

That price keeps SOL below the $98 level watched by analyst Ali Martinez. He said, “$98 is the level that could signal a bullish breakout for Solana.” His view puts the market focus on whether SOL can move from recovery mode into a confirmed breakout.

Ali Martinez maps the key channel

Ali Martinez said SOL has traded inside a defined price channel since February. He placed the channel floor at $78, the ceiling at $98 and the current pivot near $88. That structure gives traders three direct levels to watch.

A daily close above $98 could open a move toward $107, followed by $117, based on his chart setup. But the analyst also warned that a failed move at $98 could drag SOL back toward $88 or even the $78 floor.

Market context remains active

Earlier reports showed that Solana had climbed above $96 before sellers appeared near the $96 to $100 region. Crypto.news linked the move to Solana ETF optimism, the Alpenglow upgrade, Firedancer developments and stronger activity across Solana-based trading.

The wider market still carries pressure. Crypto.news reported that the total crypto market cap fell about 1.6% on May 14 as hotter U.S. inflation data, heavy Bitcoin ETF outflows and weak risk appetite weighed on major tokens.

Moreover, Solana also remains in focus through public company treasury updates. Forward Industries reported a $585.6 million quarterly loss, driven mainly by marks on its SOL holdings, while holding nearly 6.98 million SOL.

DeFi Development Corp. also reported that its fully converted SOL per share rose 108% over the past year, reaching 0.0670 on May 13. These updates keep SOL tied to both price action and corporate balance sheet activity as traders watch the $98 breakout line.