Solana price rallied nearly 7% from its Aug. 7 low, breaking a five-week descending channel as proposed supply changes and institutional adoption renewed demand for SOL.<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Solana (SOL<\/a>) price traded around $76.93 on Aug. 10, up nearly 7% from its Aug. 7 low of $72.49. The recovery pushed SOL through the upper boundary of a descending channel that had controlled its price since early July.<\/p>\n The 4-hour chart shows that SOL first reclaimed $74.30 before breaking the channel near $75. The price then climbed to an intraday high of $77.36, where buyers encountered initial resistance.<\/p>\n Trading volume expanded during the breakout, while the bull-bear power indicator rose to 1.23. A positive reading indicates that buyers currently have more short-term control than sellers.<\/p>\n The Supertrend indicator has also flipped below the market and now provides dynamic support at $75.02. Holding above this level would keep the 4-hour structure bullish and could turn the former channel resistance into support.<\/p>\n Crypto analyst Dami-Defi identified the same structural change in an Aug. 10 post on X.<\/p>\n \u201cSOL just broke a five-week downtrend,\u201d the analyst said<\/a>.<\/p>\n The breakout does not yet confirm a broader trend reversal, however. SOL remains well below its May swing high near $97 and its January peak above $145.<\/p>\n <\/p>\n The rally coincided with growing validator support for two proposals designed to reduce Solana\u2019s future supply growth.<\/p>\n SIMD-0550 would increase the annual disinflation rate from 15% to 30%, bringing the network toward its terminal inflation rate faster. SIMD-0553 would introduce resource-based transaction fees and could raise daily SOL burns from about 650 tokens to between 7,500 and 9,000.<\/p>\n The formal governance process is expected to run through Aug. 18. The proposals remain subject to validator approval, meaning their projected supply effects are not guaranteed. Solana\u2019s governance forum<\/a> describes SIMD-0550 as a doubling of the pace at which inflation declines.<\/p>\n Institutional developments have added another source of demand. BlackRock recently unveiled<\/a> its Daily Reinvestment Stablecoin Reserve Vehicle, which can record fund ownership across several public blockchains, including Solana. The product holds cash, short-term U.S. Treasuries and repurchase agreements rather than SOL itself.<\/p>\n Western Union has also expanded its use of the network. Its USDPT stablecoin is issued on Solana by federally regulated Anchorage Digital Bank, while a related Stablecard product launched across 37 markets. Western Union formally launched USDPT on Solana<\/a> in May.<\/p>\n These developments do not directly require institutions to purchase SOL in large amounts. They do, however, strengthen Solana\u2019s case as infrastructure for regulated funds and dollar-based payments.<\/p>\n The three-day liquidation heatmap shows the nearest concentration of leveraged positions around $77.80\u2013$78.20. This zone matches the next horizontal resistance visible on the 4-hour chart.<\/p>\n A break above $78 could trigger another round of short liquidations and open a move toward $80. The upper section of the former channel and previous July swing levels place the next larger resistance between $82 and $84.<\/p>\n Dami-Defi\u2019s chart projects a possible move toward $83 if SOL successfully retests the broken trendline.<\/p>\n Micha\u00ebl van de Poppe offered a more ambitious longer-term outlook. In an Aug. 10 market update, he said SOL had formed a higher low against Bitcoin and forecast a possible recovery toward $100\u2013$120.<\/p>\n A deep correction on $SOL<\/a> vs. $BTC<\/a>.<\/p>\n However, the recent push upwards is a strong signal on why you should be buying after these corrections have been taking place.<\/p>\n It’s up 5% since the test of this region and I think that we’re going to see a stronger move upwards on $SOL<\/a>.<\/p>\n The\u2026 https:\/\/t.co\/VRCEkgV9rG<\/a> pic.twitter.com\/zcQ6YzUKiJ<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 10, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n That target would require SOL to reclaim several resistance zones that are not visible in the current short-term breakout. The first tests remain $78, $80, and $83.<\/p>\n\n
Solana price breaks its five-week downtrend<\/h2>\n
![\"Solana](\"https:\/\/media.crypto.news\/2026\/08\/SOLUSDT_2026-08-10_17-51-44.webp\")
What is driving the SOL recovery?<\/h2>\n
SOL targets $78 liquidity before $80<\/h2>\n
![\"Solana](\"https:\/\/media.crypto.news\/2026\/08\/SOL-Liquidation-Heatmap3-day-2026-08-10_17_34_07.webp\")
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Daily Solana chart still needs confirmation<\/h2>\n
![\"Solana](\"https:\/\/media.crypto.news\/2026\/08\/SOLUSDT_2026-08-10_17-50-02.webp\")