Solana is trading around $92.90 after breaking above a descending channel that has been in place for roughly a year. The channel started near the $250 region and pushed the price down nearly 75% before the current recovery attempt.
The breakout is drawing attention from traders and analysts, but it still needs a clean weekly close above the trendline to be considered confirmed. Until that happens, it remains a developing setup.
Analyst Ted Pillows noted on X that Solana has reclaimed its 100-day simple moving average for the first time since October 2025. He said that if Bitcoin stays stable, SOL could push toward the $100 to $105 zone. The 100-day SMA spent months acting as resistance, so reclaiming it is a shift in the short-term trend picture.
$SOL has now reclaimed 100D SMA for the first time since October 2025.
IMO, Solana could rally towards $100-$105 if BTC holds well. pic.twitter.com/T5ZPTTtIYl
— Ted (@TedPillows) May 8, 2026
On the fundamental side, Solana ETF products have seen $56.6 million in net inflows over the past month, with $6.7 million coming in during a single day. That level of consistent demand adds a layer of support beneath the price.
SOLANA ETF SEEING CONSISTENT INSTITUTIONAL INFLOWS – $56.6M IN THE PAST MONTH
Bitwise and Fidelity both accumulating $SOL quietly.
Institutions figured out Bitcoin. Now they're building SOL positions.
Something is brewing.Keep track of key insight using… https://t.co/eLP8LOAHgr pic.twitter.com/5j9WIo44PS
— CryptosRus (@CryptosR_Us) May 9, 2026
Wallet data also showed a previously inactive address returning to buy roughly $6.23 million worth of SOL in one session. Arkham data pointed to transfers from Binance and Wintermute-linked wallets into Fireblocks custody, which analysts read as fresh positioning.
On the hourly chart, SOL hit a high of $96.85 before pulling back slightly. The price is holding above the 100-hourly SMA and sitting on a short-term bullish trendline with support near $92.20.
Resistance sits at $96.20, then $96.50, and the main level traders are watching is $98. A close above $98 could open the path to $102 and then $105.
On the downside, support holds near $94, then $92.20, and a break below $90 could push the price back toward $88.
Analyst Trader Symba described the current zone as a decision point. A confirmed breakout could target $115, while a rejection could pull the price back toward $70.
The SOLETH pair is also holding a key support zone between 0.032 and 0.040 ETH. Analyst TraderSZ said the pair looks bottomed and that Solana could outperform ETH if the structure holds.
SOL is currently trading at $92.90, down 0.72% over the last 24 hours, with the $98 resistance level as the immediate test for bulls.
The post Solana (SOL) Price: Bulls Take Control as SOL Breaks Free From a Year of Decline appeared first on CoinCentral.
