Martinez cited the UTXO Realized Price Distribution metric, which shows a demand floor between $82.60 and $85.55 where 76 million SOL tokens changed hands.
"This 38-day accumulation phase has effectively exhausted sell-side liquidity," he wrote, adding that SOL has "a clear path toward the $100 psychological level, followed by the $115 liquidity cluster." He stressed that the ceiling above current prices is "significantly thinner than the current floor" and that if SOL holds the structural support near $93, a rally could unfold "much faster than people think."
As of this writing, SOL trades at $88, up 5.2% over the past month.
Why It Matters
Spot Solana ETFs recorded $17.81 million in net inflows on Mar. 17, their highest single-day figure since the start of the month, according to SoSoValue data. The funds have maintained a five-week positive streak despite broader market volatility, bringing cumulative net inflows to $989.3 million — just short of the $1 billion mark.
On Tuesday, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued joint guidance confirming that most crypto assets — including Solana, Cardano (ADA), and XRP (XRP) — qualify as digital commodities rather than securities, placing them alongside Bitcoin (BTC) and Ethereum (ETH). The move resolves years of regulatory uncertainty for market participants.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
