Key Takeaways
- Solana surged approximately 7% from $72.49 on Aug. 7 to reach $77.36, escaping a five-week descending pattern.
- The 4-hour Supertrend signal turned positive at $75.02, confirming bullish momentum on shorter timeframes.
- Short liquidation zones between $78 and $80 may fuel additional upside if current support holds firm.
- Two network governance measures (SIMD-0550 and SIMD-0553) targeting supply dynamics face an Aug. 18 decision deadline.
- Trader MichaĆ«l van de Poppe identifies SOL establishing a stronger foundation versus Bitcoin, projecting potential gains toward $100ā$120.
Solana (SOL) posted a notable 7% advance from its Aug. 7 bottom at $72.49, touching $77.36 during Aug. 10 trading sessions. This rally carried SOL beyond the top edge of a downward-sloping channel that had constrained price action since the beginning of July.
Analysis of the 4-hour timeframe reveals SOL initially recovered the $74.30 threshold before piercing channel resistance around $75. Volume metrics increased during the breakout phase, while the bull-bear power metric climbed to 1.23, indicating short-term buyer dominance over selling pressure.
The Supertrend technical tool has moved beneath current price levels, establishing dynamic support at $75.02. Sustained trading above this marker preserves the constructive 4-hour setup.
Market analyst Dami-Defi highlighted this development in an Aug. 10 post on X, commenting: “SOL just broke a five-week downtrend.” However, the breakout hasn’t yet established a comprehensive trend shift. SOL continues trading substantially below its May high around $97 and its January summit above $145.
$SOL just broke a five-week downtrend pic.twitter.com/2mWhLi15H6
ā Dami-Defi (@DamiDefi) August 10, 2026
Network Governance Measures Target Token Supply
Two blockchain governance initiatives are drawing community focus. SIMD-0550 proposes accelerating the yearly disinflation rate from 15% to 30%, which would bring Solana closer to its long-term inflation baseline more rapidly. SIMD-0553 introduces resource-proportional transaction costs and could escalate daily SOL token burns from approximately 650 units to a range of 7,500ā9,000. The official voting window extends through Aug. 18, with both measures requiring validator consensus.
From an institutional perspective, BlackRock recently introduced a fund framework capable of recording shares across multiple public blockchains, with Solana among the supported networks. Additionally, Western Union’s USDPT stablecoin operates on Solana through Anchorage Digital Bank and debuted across 37 jurisdictions in May.
Critical Price Zones Under Observation
The immediate liquidation concentration appears at $77.80ā$78.20. Clearing the $78 barrier could activate short position liquidations and establish momentum toward $80. Additional resistance emerges in the $82ā$84 corridor.
Trader Michaƫl van de Poppe shared on X that $SOL maintains a crucial support zone, noting it has established a higher low relative to Bitcoin and appears positioned for advancement toward $120.
$SOL holds an important level of support, indicating that it’s made a higher low and is strengthening for the next push upwards to $120. pic.twitter.com/ZXVa766RUm
ā MichaĆ«l van de Poppe (@CryptoMichNL) August 8, 2026
On extended timeframes, analyst Rod pinpoints Fibonacci-based objectives at $176.02 and $210.34 as potential long-term destinations should Solana successfully breach and maintain levels above the $90ā$100 zone.
The daily Awesome Oscillator registers -0.46, suggesting bearish pressure is diminishing though not fully eliminated. A daily candle close above the Ichimoku cloud boundary near $76.93 would reinforce prospects for movement toward $80ā$84.
The forthcoming protocol enhancement, Alpenglow, targets reducing transaction finality duration from 12.8 seconds to 100ā150 milliseconds, with phased implementation anticipated between August and October.
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