Solana rose 20% to break above $80 for the first time in 30 days as institutional buying and a short squeeze pushed the token past key resistance.
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Solana breaks above $80 as institutional demand fuels 20% weekly rally
Solana rose 20% to break above $80 for the first time in 30 days as institutional buying and a short squeeze pushed the token past key resistance.
"Solana's breakout above $80 was driven by a confluence of short covering and fresh institutional inflows," said Jason Wu, on-chain analyst at Edgen. "The $75 level had been a ceiling for weeks, and once it broke, stop orders above $80 triggered a cascade of liquidations."
Over $24 million in short positions were liquidated across exchanges on July 3, the second-highest single-day wipeout for SOL in the past 90 days, according to Coinglass data. Trading volume surged 33% in 24 hours to $48 billion, representing nearly 10% of the token's circulating market cap. On-chain activity on Solana showed active addresses testing yearly highs near 7 million, while transactions per second pushed toward 1,100, driven largely by meme token launchpads and airdrop speculation.
The move coincided with Solana's rollout of on-chain governance proposals this week, allowing any validator with at least 100,000 delegated SOL to propose and vote on technical changes. The network currently has 725 active validators. Separately, DeFi protocol Lora Finance announced it would migrate its v2 launch from MegaETH to Solana, citing the network's speed, liquidity depth, and broader asset access. SOL remains about 74% below its all-time high of $293, and the Relative Strength Index has climbed to 65, signaling building momentum. The next resistance sits at $90, with a potential retest of the 200-day exponential moving average near $97. A failure to hold $80 could see the token retest support at $73, the 0.786 Fibonacci level, with deeper downside toward $63.
This article is for informational purposes only and does not constitute investment advice.
[1] Solana breaks above $80 as institutional push lights up SOL rally[2] Solana Price News: Strong Short Squeeze Could Push SOL Back to $97[3] Lora Finance Moves v2 to Solana as SOL Eyes Key $80 Breakout[4] What to Expect From Solana (SOL) in July 2026[5] Solana Fell 13% in 30 Days. History Says Relief Could Be on the Way.
