Key Highlights
- Solana pushed through a year-long descending channel pattern, with bulls now eyeing $100, $105, and $115 price targets
- SOL recaptured its 100-day SMA for the first time since October 2025
- Solana ETF products recorded $56.6 million in net inflows during the past month
- A dormant wallet reemerged to purchase $6.23 million in SOL during one trading session
- Critical support established at $92.20, while $98 represents the next significant resistance before reaching $100
Solana currently trades near $92.90 following its breakthrough above a descending channel formation that persisted for approximately one year. The channel originated around the $250 price level and drove the asset down nearly 75% prior to the ongoing recovery phase.
The channel breakout has captured significant interest from market participants and technical analysts, though confirmation requires a decisive weekly close above the trendline boundary. The setup continues to develop as traders monitor price action closely.
Market analyst Ted Pillows highlighted on X that Solana has successfully recaptured its 100-day simple moving average for the first time since October 2025. He indicated that SOL could advance toward the $100 to $105 range if Bitcoin maintains its current stability. The 100-day SMA functioned as resistance for several months, making its reclamation a meaningful shift in near-term trend dynamics.
$SOL has now reclaimed 100D SMA for the first time since October 2025.
IMO, Solana could rally towards $100-$105 if BTC holds well. pic.twitter.com/T5ZPTTtIYl
— Ted (@TedPillows) May 8, 2026
ETF Capital Flows and Significant Wallet Movements
From a fundamental perspective, Solana ETF products have attracted $56.6 million in net inflows throughout the past month, including $6.7 million arriving within a single trading day. This sustained capital influx provides additional support beneath current price levels.
🔥 SOLANA ETF SEEING CONSISTENT INSTITUTIONAL INFLOWS – $56.6M IN THE PAST MONTH
Bitwise and Fidelity both accumulating $SOL quietly.
Institutions figured out Bitcoin. Now they’re building SOL positions.
Something is brewing.Keep track of key insight using… https://t.co/eLP8LOAHgr pic.twitter.com/5j9WIo44PS
— CryptosRus (@CryptosR_Us) May 9, 2026
Blockchain data revealed that a previously dormant address became active again to acquire approximately $6.23 million worth of SOL in one session. Arkham intelligence showed transfers originating from Binance and Wintermute-associated wallets into Fireblocks custody solutions, which market observers interpret as fresh accumulation.
Examining the hourly timeframe, SOL reached a peak of $96.85 before experiencing a minor retracement. The asset maintains its position above the 100-hourly SMA while respecting a short-term ascending trendline with support established near $92.20.
Critical Price Zones Under Observation
Resistance barriers appear at $96.20, followed by $96.50, with the primary level under trader focus at $98. A sustained close above $98 would potentially clear the pathway toward $102 and subsequently $105.
Regarding support, initial levels rest near $94, followed by $92.20, while a breakdown below $90 might drive the price back toward $88.
Market analyst Trader Symba characterized the present zone as a pivotal decision point. A validated breakout scenario could propel SOL toward $115, whereas a rejection from current levels might retrace the price back toward $70.
The SOLETH trading pair maintains a crucial support zone spanning 0.032 to 0.040 ETH. Analyst TraderSZ suggested the pair appears to have established a bottom formation and that Solana could demonstrate relative strength against ETH if the technical structure persists.
SOL currently trades at $92.90, showing a 0.72% decline over the previous 24 hours, with the $98 resistance level serving as the immediate challenge for bullish continuation.
