Key Highlights
- SOL surged approximately 7% from its Aug. 7 bottom at $72.49, climbing to $77.36 and exiting a five-week declining channel pattern.
- The 4-hour timeframe Supertrend signal turned positive at $75.02, reinforcing the breakout pattern.
- Short squeeze zones concentrated around $78–$80 may fuel additional upside if current support maintains.
- Two network governance votes (SIMD-0550 and SIMD-0553) may curtail SOL’s emission schedule pending Aug. 18 approval.
- Trading expert Michaël van de Poppe identifies SOL establishing a higher low versus Bitcoin, projecting potential gains toward $100–$120.
Solana (SOL) registered a nearly 7% advance from its Aug. 7 trough of $72.49, touching an intraday peak of $77.36 on Aug. 10. This price action carried SOL beyond the upper limit of a descending channel pattern that had constrained movement since the beginning of July.
Examination of the 4-hour chart reveals SOL initially recaptured the $74.30 threshold before piercing channel resistance around $75. Transaction volume increased notably throughout the breakout phase, while the bull-bear power metric climbed to 1.23, indicating buying pressure currently exceeds selling pressure in the short term.
The Supertrend technical tool shifted beneath the current market price and now offers dynamic support at the $75.02 mark. Sustained trading above this zone preserves the bullish 4-hour framework.
Market analyst Dami-Defi highlighted this development in an Aug. 10 message on X, observing: “SOL just broke a five-week downtrend.” However, this breakout has not yet validated a comprehensive trend reversal. SOL continues trading substantially beneath its May swing peak near $97 and its January high exceeding $145.
Network Governance Votes Address Token Economics
Two pending governance measures are drawing attention to Solana’s supply dynamics. Proposal SIMD-0550 would accelerate the annual disinflation rate from 15% to 30%, advancing Solana toward its terminal inflation benchmark more rapidly. Proposal SIMD-0553 would implement resource-weighted transaction pricing and could elevate daily SOL token burns from approximately 650 to between 7,500 and 9,000 tokens. The official governance voting window extends through Aug. 18, with both measures requiring validator consensus for implementation.
From an institutional perspective, BlackRock recently introduced a fund framework capable of recording ownership across multiple public blockchains, with Solana included in the supported networks. Additionally, Western Union’s USDPT stablecoin operates on Solana via Anchorage Digital Bank and debuted across 37 jurisdictions in May.
Critical Price Zones Under Observation
The immediate liquidation concentration resides at $77.80–$78.20. A successful breach above $78 may activate short position liquidations and facilitate movement toward $80. Subsequent resistance exists within the $82 to $84 corridor.
Market strategist Michaël van de Poppe shared on X that $SOL maintains a crucial support threshold, suggesting the asset has established a higher low relative to Bitcoin and is building strength for a potential advance toward $120.
Analyzing the weekly timeframe, technical analyst Rod pinpoints Fibonacci extension levels at $176.02 and $210.34 as extended-term possibilities if Solana successfully breaks through and consolidates above the $90–$100 zone.
The daily Awesome Oscillator currently registers at -0.46, signaling that bearish momentum is diminishing but hasn’t fully reversed. A daily settlement above the Ichimoku cloud situated near $76.93 would reinforce prospects for advancement toward $80–$84.
Solana’s upcoming network enhancement, Alpenglow, targets reducing transaction finality from 12.8 seconds to 100–150 milliseconds, with phased implementation anticipated between August and October.
The post Solana (SOL) Price Surges 7% as Multi-Week Downtrend Finally Breaks appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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