TLDR
- SOL is trading near $75.94 after breaking out of a falling wedge pattern
- The $80–$85 zone is the first key resistance bulls need to clear
- Solana ETF recorded $8.8 million in inflows, one of the stronger periods recently
- Bitfinex whales have been closing short positions, easing some selling pressure
- Investor Mike Dudas calls Solana the “everything chain” for its multi-use flexibility
Solana (SOL) is trading near $75.94 after breaking out of a falling wedge that had been forming over several weeks. The breakout has pushed price back above the $74–$75 zone, which now acts as short-term support.
The falling wedge is a pattern that often signals a potential reversal after a period of decline. SOL had been rejected from higher levels earlier in the year before forming this structure.
$SOL is currently the best looking large cap alt out there
Reminds me of 2023 when SOL pumped before every major cap and started a 100x memeseason
Imagine if this happens again pic.twitter.com/15rKxFAoQ5
— Sweep (@0xSweep) August 11, 2026
Crypto analyst Sweep is watching the $80–$85 range as the first real test for buyers. A daily close above $80 would open the door toward $85, then $90, and eventually the $97–$100 psychological zone.
SOL is up 0.40% in the last 24 hours, according to price data from Brave New Coin.
ETF Inflows Pick Up
Trader Symba flagged that the Solana spot ETF recorded around $8.8 million in inflows, marking one of the stronger inflow periods in recent months. Symba noted this reflects growing institutional interest in SOL at current price levels.
$8.8M inflow has been reported for Spot $SOL ETF.
The highest inflow in about 3 months 👀 pic.twitter.com/nUCUYYRgsI
— Trader Symba (@Nebulabsxyz) August 11, 2026
Inflows alone won’t confirm a trend change. SOL still needs to reclaim key levels, particularly the $90–$100 zone, before the move can be called a full reversal.
On-chain activity and developer adoption remain strong across the Solana ecosystem, which analysts say continues to support the network’s fundamentals.
Whales Close Short Positions
Data shared by analyst Max Crypto shows Bitfinex whales have been closing SOL short positions. This suggests some bearish exposure has started to leave the market.
Closing shorts doesn’t guarantee a price rise, but it does reduce selling pressure that weighed on SOL during its recent decline.
If spot demand keeps improving while shorts continue to unwind, Solana could build momentum toward higher resistance levels.
Mike Dudas, co-founder of crypto venture firm 6th Man Ventures and early backer of Pump.fun, described Solana as the “everything chain” in a recent Decrypt podcast. He pointed to its low fees, deep liquidity, and round-the-clock availability as factors that make consumer crypto apps possible.
Dudas also voiced support for SGP-0003, a proposal that would accelerate reductions in new SOL issuance and increase the amount of SOL burned through network fees.
Key support levels to watch: $75, $72, $70, $66, and $60–$64. Key resistance levels: $80, $85, $90, and $97–$100.
SOL last traded at $75.94, up 0.40% over the past 24 hours.
