Key Highlights
- SOL surged past a descending trendline that dominated price action for over 12 months, opening the door to $100, $105, and $115 targets
- The asset recaptured its 100-day SMA for the first time since October 2025, signaling a potential trend shift
- Over the past 30 days, Solana-focused ETF products attracted $56.6 million in net capital
- A dormant whale wallet returned to accumulate $6.23 million in SOL during a single trading session
- Critical support rests at $92.20, while $98 represents the next major hurdle before the psychological $100 mark
Solana is currently hovering near $92.90 following a decisive move above a long-term descending formation that confined price action for approximately one year. This channel originated close to $250 and resulted in a drawdown of nearly 75% before the current reversal effort began.
The upward breach has captured significant attention across trading communities and technical analysts, though validation requires a convincing weekly closure above the trendline boundary. Without that confirmation, this remains an evolving technical formation rather than a verified breakout.
Market analyst Ted Pillows highlighted on X that Solana has successfully recaptured its 100-day simple moving average—a feat not accomplished since October 2025. According to his assessment, sustained stability in Bitcoin could propel SOL toward the $100-$105 range. Given that this moving average served as a persistent ceiling for months, its reclamation marks a meaningful change in near-term momentum.
$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
Rising ETF Capital and Whale Accumulation
From a fundamental perspective, exchange-traded products tracking Solana have recorded $56.6 million in net capital inflows throughout the previous month, including a single-day injection of $6.7 million. This steady institutional interest provides underlying support for price stability.
🔥 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 revealed that a previously dormant wallet address re-emerged to purchase approximately $6.23 million worth of SOL in one transaction sequence. According to Arkham Intelligence data, movements from Binance and Wintermute-associated wallets into Fireblocks custody infrastructure suggest fresh capital deployment.
Examining the hourly timeframe, SOL reached an intraday peak of $96.85 before experiencing a minor retracement. The price continues to trade above its 100-hour SMA while respecting a short-duration ascending trendline with foundational support around $92.20.
Critical Price Zones for Traders
Immediate resistance appears at $96.20, followed by $96.50, with the primary battleground positioned at $98. A decisive break and close above $98 would likely clear the pathway toward $102 and subsequently $105.
For downside scenarios, initial support emerges near $94, then $92.20, and a violation below $90 could drive the asset back toward $88.
Technical strategist Trader Symba characterized the current price region as a critical inflection point. A validated breakout scenario could unlock a trajectory toward $115, whereas a rejection might send the price retreating toward $70.
The SOLETH trading pair maintains position within a crucial support band spanning 0.032 to 0.040 ETH. Analyst TraderSZ suggested the pair appears to have established a bottom, indicating Solana may demonstrate relative strength against ETH if this structural foundation persists.
As of now, SOL trades at $92.90, reflecting a 0.72% decline over the past 24 hours, with the $98 resistance zone serving as the next critical challenge for bullish continuation.
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