Solana holds $96 support as record ETF inflows fuel 14% rally

Solana traded near $97.50 on Aug. 26, up 14% over seven days, as record ETF inflows and short liquidations pushed the token above several resistance levels.

The advance followed more than $4 billion in crypto short liquidations across major exchanges, Coinglass data shows, after U.S. Treasury bond buybacks drove yields and the dollar lower.

U.S. spot Solana ETFs extended their inflow streak to a fifth session, adding $33.5 million on Aug. 24 — the largest single-day total of 2026 — and lifting cumulative net inflows to a record $1.22 billion, SoSoValue data shows. Trading volume reached $166.8 million, the highest since October 2025.

SOL broke above the $87.50 and $93.75 Murrey Math levels before testing the $100 psychological barrier, which sellers defended twice. A daily close above $101.04 would open a path toward $102.59–$103.08, with $106.25 the next overshoot target.

Record ETF inflows and short squeeze back the breakout

Bitwise's BSOL accounted for $25 million of Monday's inflows, with Fidelity's FSOL adding $4.8 million and Grayscale's GSOL $3.7 million, per Farside data. BSOL traded more than $108 million on Aug. 24, the highest single-day volume for any Solana ETF, Bitwise President Teddy Fusaro said. The fund holds roughly 80 percent of all capital that has entered U.S. spot Solana ETFs, about $948 million.

The ETF strength is part of a broader institutional bid. Bitcoin ETFs logged a sixth consecutive positive session with $338 million in inflows, while Ether ETFs recorded $116 million on Aug. 24, extending their own streak to six days. Three simultaneous multi-day streaks across Bitcoin, Ether and Solana products mark the broadest institutional participation of the current recovery.

Solana's derivatives structure has been constructive through the rally. Open interest rebounded to 66.88 million tokens earlier in August, the most since July 10, while last week's price rise came with open interest declining — a configuration that indicates spot-driven buying and short covering rather than fresh leverage.

Technicals point to $101 resistance, $92 support

Solana's 4-hour Bollinger Bands show the token consolidating at $97.53, above the 20-period middle band at $96.67. The upper band at $101.04 forms the immediate barrier, matching the $100 psychological level and the recent rejection zone. The Chaikin Money Flow indicator stood at 0.14, a reading above zero suggesting buying pressure still exceeds selling pressure.

The daily Relative Strength Index has climbed to 79.32, above the overbought threshold of 70, signaling SOL may need to consolidate before another sustained move above $100. The lower Bollinger Band at $92.30 forms the main short-term downside level, with $87.50 the next stronger support on the daily chart.

CoinGlass' 24-hour liquidation heatmap shows dense leveraged positions near $98.90–$99.10, with additional liquidity near $99.50 and $100. A move into those clusters would force leveraged shorts to close, potentially accelerating another push toward $100–$103. Liquidity below the market near $96, $95 and $94 leaves those levels exposed if the overhead cluster rejects.

Analysts split on $120 rally and $88 correction

Pseudonymous trader Altcoin Sherpa expects Solana's advance to continue if the wider market stays supportive. "This goes to $120+ in the coming weeks as long as BTC is still stable/strong. Inflation going down, risk conditions going up, etc." A move to $120 from $97.50 would represent a gain of about 23 percent.

Crypto analyst Haris offered a more cautious read, describing the current structure as a possible bull trap because of repeated resistance between $98 and $102. "Price bounced hard, but $98–$102 is still rejecting. If SOL comes back there and gets rejected again, I will open a short." Haris identified $92 as the first downside target, with a deeper decline toward $80–$88 possible if that level fails.

Solana's immediate direction depends on whether buyers can turn $100–$103 into support. Holding above $96.67 preserves the short-term bullish structure, while a drop through $92.30 would favor a broader retest of the breakout.

This article is for informational purposes only and does not constitute investment advice.