Solana (SOL) is maintaining a higher-low price pattern, trading above key support levels following a recent recovery from $72. As of the latest session, SOL changed hands near $76.47, with traders watching for a potential breakout above the $78 to $78.70 resistance range. Clearing this area would improve the case for advances toward $80 and $82.
Technical indicators suggest potential upside
Market analyst Ali Charts, known for technical analysis in the digital asset space, identified a parallel channel on Solana’s price chart. According to his observations, a decisive move above the mid-range near $78 could open the door for SOL to target the channel’s upper boundary close to $100. He also cited a fresh daily TD Sequential buy signal and a MACD golden cross among bullish technical signals.
Ali Charts pointed to minor resistance at $78.70, suggesting that surpassing this mark could accelerate buying momentum. He outlined that the channel structure remains supportive as long as buyers defend rising lows.
Ali Charts highlighted a scenario where a breakout above $78 could trigger a move toward $100 within the established channel, noting, “A break above the mid-range near $78 could trigger a move toward the channel’s upper boundary around $100 for SOL.”
Momentum indicators continue to warrant caution. The Relative Strength Index currently stands at 71.14, edging slightly into overbought territory. The MACD line remains above its signal line, and a positive histogram confirms the current upward bias, though the histogram appears to be flattening, indicating a possible slowdown in buying strength.
Support levels are now identified near $76 and $75. A fall under $75 could weaken the bullish price channel and expose the $74 mark. Should selling pressure increase, stronger support may come into play at $72, which has previously shown to be effective in limiting losses.
ETF flows pause, assets near $870 million
Spot Solana ETFs in the United States recorded no net inflows on August 7, according to asset tracking firm SoSoValue. Total net assets for these investment products hovered close to $869.97 million, which accounts for about 2.02% of Solana’s market value. Over time, cumulative net inflows have reached nearly $1.15 billion, while total trading volume stands around $40.63 million.
Among the US-listed Solana ETFs, Bitwise’s BSOL led the segment with approximately $594.45 million in assets and $27.48 million in daily trading volume. Fidelity’s FSOL followed at $125.41 million, and Grayscale’s GSOL had $96.81 million. On the same day, no new daily inflows were recorded across these products, despite each fund experiencing a price increase of more than 1.6%.
SoSoValue reported that overall Solana ETF assets remain steady near $870 million, even as inflows temporarily stall. For institutional traders, this highlights that funds can retain significant capital despite daily net flows pausing.
| ETF Product | Net Assets | Daily Volume | Daily Inflows |
|---|---|---|---|
| Bitwise BSOL | $594.45 million | $27.48 million | $0 |
| Fidelity FSOL | $125.41 million | N/A | $0 |
| Grayscale GSOL | $96.81 million | N/A | $0 |
Recent price action stays focused on the challenge at $78 and $78.70. If SOL can stay above $76, its immediate higher-low setup remains in place. Bulls point to $80 and $82 as potential next stops, while the broader technical channel leaves $100 as a conditional target. A drop below $75, however, could draw attention back to $74 and $72.
Clearing resistance at $78 and $78.70 remains pivotal for Solana. Failure to do so could put key support at $75 and $74 to the test in the near term.
