Backpack CEO Backs SOL as Price Tests $93 Breakout

• SOL trades at $92.25, up 1.64%, caught between the 0.5 and 0.618 Fibonacci levels on the daily chart.
• US SOL spot ETFs have pulled in $4.64M in daily net inflows with cumulative total approaching $994.43M.
• Backpack CEO called Solana the only network crypto projects need to be on, citing its depth as the most liquid DeFi market in the world.

SOL trades at $92.25 on March 25, holding inside a descending channel on the 2h chart while the daily sits pinned below all four EMAs. The ETF flow picture is quietly improving, and the Backpack CEOs endorsement adds a fundamental backdrop to a chart that needs a clean break to turn constructive.

Pinned Below Four EMAs

SOL collapsed from above $130 in January, bottomed near $67.58 in February, and has been grinding inside the 0.382 to 0.618 Fibonacci recovery range since. Price currently trades between the 0.5 level at $87.11 and the 0.618 at $91.72, with todays candle testing $91.72 from below.

All four EMAs are stacked bearishly overhead. The 20-day sits at $89.23, the 50-day at $93.02, the 100-day at $106.49, and the 200-day at $127.24. The Supertrend at $79.67 is below price and has flipped to support, the one bullish reading on the daily. Price needs to clear $93.02 to get above the 50-day, which is the first real step toward changing the daily structure.

Key levels:

• Supertrend support: $79.67
• 0.5 Fib support: $87.11
• 0.618 Fib resistance: $91.72
• 20-day EMA: $89.23
• 50-day EMA: $93.02
• 0.786 Fib target: $98.28
• Full retracement level: $106.63

Inside The Channel

The 2h chart shows SOL operating inside a descending channel that has been intact since the March 17 high near $97.50. The upper channel boundary is sloping down toward $93 to $94, and price has been unable to close above it on any attempt. The pivot resistance levels from the chart show R4 at $93.12 and R5 at $98.94 as the next meaningful hurdles above.

The most recent structure shows a sharp flush to $85.60 on March 22 followed by a recovery back to $92. Price is now pressing into the channels upper boundary near $93.94, which aligns with the PF1 1R pivot level. A clean 2h close above $93.94 breaks the channel and opens R4 at $93.12 then R5 at $98.94. Below, PF1 0.5S at $84.74 is the support that held the March 22 low.

Key levels:

• Channel top resistance: $93.94
• R4: $93.12
• R5: $98.94
• Channel midpoint support: $90.89
• Downside support: $84.74

ETF Flows And The DeFi Case

US SOL spot ETFs recorded $4.64M in daily net inflows on March 24, pushing cumulative net inflows to $994.43M against total net assets of $881.53M. BSOL from Bitwise led with $2.97M, while Franklins SOEZ added $1.53M. The cumulative flow line has been flat to slightly positive since mid-March after a brief outflow on March 18, suggesting institutional positioning has stabilized rather than exited.

Backpack CEO shared his view this week that if there is one network crypto projects need to be on right now, it is Solana. He pointed to what he described as deep and competitive on-chain capital markets emerging from years of iteration, and called it the most liquid and scalable DeFi market in the world. Remarks like these from infrastructure-level operators carry more weight than social media commentary, particularly when the ETF flow data shows quiet accumulation running alongside them.

Outlook

• Bullish case: SOL closes a 2h candle above the channel boundary at $93.94, clears the 50-day EMA at $93.02, and daily volume picks up to confirm the break. First target is $98.28 at the 0.786 Fibonacci level, then $106.63 at the full retracement. ETF inflows crossing $1B cumulative would add a narrative catalyst.
• Bearish case: The channel top holds again and price retreats below the 20-day EMA at $89.23. Losing $87.11 on a daily close puts $82.50 at the 0.382 Fibonacci level in view, with $79.67 as the Supertrend support below that. A break under $79.67 reopens the February low near $67.58.