TLDR
- Solana rose nearly 7% from its Aug. 7 low of $72.49, reaching $77.36 and breaking a five-week descending channel.
- The 4-hour Supertrend indicator flipped bullish at $75.02, supporting the breakout structure.
- Liquidation clusters near $78–$80 could push SOL higher if buyers hold current levels.
- Two governance proposals (SIMD-0550 and SIMD-0553) could reduce SOL’s future supply growth if approved by Aug. 18.
- Analyst Michaël van de Poppe sees SOL forming a higher low against Bitcoin, with a possible recovery toward $100–$120.
Solana (SOL) climbed nearly 7% from its Aug. 7 low of $72.49, reaching an intraday high of $77.36 on Aug. 10. The move pushed SOL above the upper boundary of a descending channel that had been in place since early July.
The 4-hour chart shows SOL first reclaimed $74.30 before breaking the channel near $75. Trading volume expanded during the breakout, and the bull-bear power indicator rose to 1.23, suggesting buyers have more short-term control than sellers.
The Supertrend indicator flipped below the market price and now provides dynamic support at $75.02. Holding above this level keeps the 4-hour structure bullish.
Crypto analyst Dami-Defi noted the move in an Aug. 10 post on X, stating: “SOL just broke a five-week downtrend.” The breakout does not yet confirm a broader trend reversal. SOL remains well below its May swing high near $97 and its January peak above $145.
$SOL just broke a five-week downtrend pic.twitter.com/2mWhLi15H6
— Dami-Defi (@DamiDefi) August 10, 2026
Governance Proposals Add Supply Angle
Two governance proposals are adding attention to the network. SIMD-0550 would double the annual disinflation rate from 15% to 30%, moving Solana toward its terminal inflation rate faster. SIMD-0553 would introduce resource-based transaction fees and could raise daily SOL burns from around 650 tokens to between 7,500 and 9,000. The formal governance process runs through Aug. 18, and both proposals still require validator approval.
On the institutional side, BlackRock recently unveiled a fund structure that can record ownership across several public blockchains, including Solana. Western Union’s USDPT stablecoin is also issued on Solana by Anchorage Digital Bank and launched across 37 markets in May.
Key Price Levels to Watch
The nearest liquidation cluster sits at $77.80–$78.20. A break above $78 could trigger short liquidations and open a move toward $80. The next resistance sits between $82 and $84.
Analyst Michaël van de Poppe posted on X that $SOL holds an important support level, indicating it has made a higher low against Bitcoin and is strengthening for a push 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
— Michaël van de Poppe (@CryptoMichNL) August 8, 2026
On the weekly chart, analyst Rod identifies Fibonacci targets at $176.02 and $210.34 as longer-term objectives if Solana breaks and holds above the $90–$100 range.
The daily Awesome Oscillator sits at -0.46, meaning bearish momentum is fading but has not yet reversed. A daily close above the Ichimoku cloud near $76.93 would strengthen the case for a move toward $80–$84.
The next network upgrade, Alpenglow, aims to cut transaction finality from 12.8 seconds to 100–150 milliseconds, with a staged rollout expected between August and October.
