Solana eyes $117 – But here’s why SOL bulls still look fragile

Solana is grinding higher, but nobody should call it safe. The token is still buried more than 76% below its 2025 peak.

Even so, the past few weeks dragged out higher highs, higher lows, and a move back above $90. However, this rebound needed conviction.

War headlines still hung over the market, but growing ceasefire hopes in the U.S.-Israel-Iran conflict gave risk assets some breathing room.

SOL hunts for short liquidity after a long wipeout

Solana cleared long liquidity, then started leaning toward shorts. On the 24-hour and 48-hour liquidation heatmaps, heavy topside liquidity sat between $94 and $96. If the price kept rising, shorts could have been forced out fast.

Source: CoinGlass

That was the attraction. Short squeezes turned violent because trapped traders became fuel. As a result, SOL did not need hype. It only needed strength to keep pushing and punish the late bears.

Can Solana reclaim $117 and keep rising?

At the time of writing, Solana [SOL] traded near $91.64 inside a rising structure. The chart pointed toward the broader $117-$145 range, but $117 stayed the reclaim. Clear that level, and Solana would have looked stronger than during the sideways mess.

Source: TradingView

However, failure to reclaim even $100 will signal weakness. Therefore, the bulls still have work to do. If momentum fades, the door back toward $67.60 will open again. That threat stays alive.

Are bulls leaving, and is it a warning sign?

Open Interest made the setup shakier. Why? Ceasefire hopes in the U.S.-Israel conflict with Iran briefly lifted sentiment, pushing OI to $5.92B. However, that strength faded fast, with OI dropping to $4.85B before recovering near $5.1B.

Source: CoinGlass

That drop did not mean the bulls were gone. However, it did show that conviction was shaky. Looking ahead, stronger OI would have helped confirm continuation. Failure to do which, this rebound would have remained vulnerable to another rejection.

Final Summary

• Solana’s rebound looked cleaner, but $117 still stood there like a wall.
• Falling OI kept the setup fragile, because weak conviction could still ruin the move.