Key Highlights
- SOL has escaped a 12-month descending channel pattern, with market participants eyeing $100, $105, and $115 as potential targets
- The cryptocurrency has successfully recaptured its 100-day simple moving average for the first time since October 2025
- Exchange-traded funds focused on Solana have attracted $56.6 million in net capital over the previous 30 days
- On-chain data reveals a dormant wallet accumulated $6.23 million in SOL during a single trading session
- Critical price support remains at $92.20, while $98 represents the immediate resistance barrier before the psychologically significant $100 level
Currently trading near $92.90, Solana has managed to breach a descending channel formation that constrained price action for approximately 12 months. This technical pattern originated around the $250 mark and dragged valuations down nearly 75% before the current reversal emerged.
While this breakout has captured the interest of market participants and technical analysts alike, confirmation requires a definitive weekly candle close above the established trendline. Until such confirmation materializes, the structure remains in its formative stages.
Market analyst Ted Pillows highlighted on X that Solana has successfully reclaimed its 100-day simple moving average—a feat not achieved since October 2025. According to his assessment, if Bitcoin maintains its current stability, SOL could advance toward the $100-$105 price zone. After serving as a persistent resistance barrier for several months, reclaiming the 100-day SMA represents 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
Capital Flows Into ETFs and Significant On-Chain Movements
From a fundamental perspective, investment products tracking Solana have recorded $56.6 million in net capital inflows throughout the past 30 days, including a single-day injection of $6.7 million. This sustained institutional interest provides an additional foundation of price support.
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 analytics also identified a previously dormant address that executed purchases totaling approximately $6.23 million in SOL within one trading session. According to Arkham Intelligence, transfers originated from Binance and wallets associated with Wintermute before moving into Fireblocks custody infrastructure—movements that market observers interpret as fresh strategic positioning.
Examining the hourly timeframe, SOL reached an intraday peak of $96.85 before experiencing a modest retracement. The asset continues to trade above its 100-hourly simple moving average while respecting a short-term ascending trendline that provides support around $92.20.
Critical Price Thresholds Under Observation
Overhead resistance materializes at $96.20, followed by $96.50, with $98 representing the primary level commanding traders’ attention. A sustained close above $98 could unlock upside potential toward $102 and subsequently $105.
On the opposite side, downside protection exists near $94, then $92.20, with a violation below $90 potentially triggering further declines toward $88.
According to analyst Trader Symba, the current price zone functions as a critical inflection point. A validated breakout could propel prices toward $115, whereas a rejection might send valuations retreating toward $70.
The SOLETH trading pair is also defending a crucial support region spanning 0.032 to 0.040 ETH. Analyst TraderSZ suggests this pair appears to have established a bottom, indicating that Solana may demonstrate relative strength against Ethereum provided the technical structure remains intact.
At present, SOL is valued at $92.90, representing a 0.72% decline over the past 24-hour period, with the $98 resistance threshold serving as the next critical test for bullish momentum.
The post Solana (SOL) Price Surges as Year-Long Bearish Pattern Finally Breaks appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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