Solana (SOL) Price: Bulls Regain Momentum as SOL Shakes Off a Year-Long Downtrend

TLDR

• Solana has broken out of a year-long downward channel, with bullish investors eyeing targets of $100, $105, and $115
• SOL has regained its 100-day Simple Moving Average (SMA) for the first time since October 2025
• Solana ETFs recorded $56.6 million in net inflows over the last month
• An address that had been dormant previously purchased $6.23 million worth of SOL in one trading session
• Critical support is at $92.20, while $98 is the next major resistance level ahead of $100

---

(SeaPRwire) –   Solana is currently trading at approximately $92.90 following its breakout above a downward channel that has persisted for about a year. This channel began near the $250 mark and drove the price down by almost 75% prior to the ongoing recovery effort.

The breakout is capturing the interest of traders and analysts, yet it still requires a clear weekly close above the trendline to be deemed confirmed. Until this occurs, it remains an evolving setup.

Analyst Ted Pillows commented on X that Solana has regained its 100-day simple moving average for the first time since October 2025. He stated that if Bitcoin remains steady, SOL could move toward the $100 to $105 range. The 100-day SMA served as resistance for months, so regaining it marks a shift in the short-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 Inflows and Large Wallet Activity

From a fundamental perspective, Solana ETF products have registered $56.6 million in net inflows over the past month, including $6.7 million in a single day. This consistent demand provides an additional layer of support for the price.

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

Wallet data also revealed that a previously inactive address resumed activity to purchase around $6.23 million worth of SOL in one session. Arkham data indicated transfers from Binance and Wintermute-associated wallets into Fireblocks custody, which analysts interpret as new positioning.

On the hourly chart, SOL reached a high of $96.85 before a slight pullback. The price is maintaining levels above the 100-hourly SMA and resting on a short-term bullish trendline with support near $92.20.

Key Levels to Watch

Resistance levels are at $96.20, followed by $96.50, with the primary level traders are monitoring being $98. A close above $98 could clear the way to $102 and then $105.

On the downside, support is around $94, then $92.20, and a drop below $90 could send the price back to $88.

Analyst Trader Symba characterized the current zone as a critical decision point. A confirmed breakout might aim for $115, whereas a rejection could pull the price down to $70.

The SOLETH trading pair is also maintaining a key support range between 0.032 and 0.040 ETH. Analyst TraderSZ noted that the pair appears to have bottomed out and that Solana could outperform ETH if this structure remains intact.

SOL is currently trading at $92.90, down 0.72% in the past 24 hours, with the $98 resistance level serving as the immediate challenge for bullish traders.