Solana (SOL) Eyes $111 as Monthly Technicals Improve

• SOL printed its first green monthly candle in 10 months as monthly RSI broke a two-year downtrend.
• A potential monthly MACD bullish cross adds to improving momentum, while whale HURDw accumulated 285,503 SOL.
• SOL faces $105-$107 resistance, with a sustained breakout potentially opening $109-$111, while $102-$103 remains support.

Solana has posted three monthly technical changes as a large whale accumulated $28.82 million worth of SOL. Ash Crypto highlighted a green monthly candle, a potential MACD bullish cross, and a two-year RSI downtrend break. Meanwhile, Lookonchain reported that whale HURDw bought 285,503 SOL on Hyperliquid over three weeks.

Ash Crypto said Solana closed its first green monthly candle in 10 months. The analyst also pointed to a monthly MACD that is about to cross bullish. Additionally, monthly RSI has broken a downtrend that lasted two years.

Ash Crypto asked whether these changes could precede a major bullish reversal. The technical developments come as SOL trades within a volatile range. Spot flow data shows price moving between roughly $98 and $110 from Aug. 28 to Sept. 9.

SOL started near $109 to $110 on Aug. 28 before falling toward $102. It briefly recovered above $105, then reached about $98 to $99 around Sept. 2.

Lookonchain reported that whale HURDw accumulated 285,503 SOL worth $28.82 million. The purchases occurred on Hyperliquid over the past three weeks. Meanwhile, spot netflows remained uneven during the same period.

Green bars showed stronger inflows, while red bars represented periods when outflows dominated. One inflow spike approached $25 million on Sept. 3. Several outflow events reached about $15 million, while another positive flow cluster appeared around Sept. 6.

That cluster included individual inflow spikes above $10 million. SOL also reached about $105 to $107 around Sept. 6 before retreating toward $104 to $105.

The latest flow data shows a more subdued and mixed environment. SOL trades near $104 to $105. The main levels identified are $102 to $103 support and $105 to $107 resistance. A sustained move above $107, with controlled inflows, could open the $109 to $111 area.

However, renewed large inflows and rejection below $105 could expose $102 and potentially $99 to $100. Large inflows can increase available SOL supply on spot venues. However, significant outflows can reduce readily available selling supply when withdrawals persist.