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Following
SOL Solana broke through US$94, facing US$100 resistance after a 27% gain. Institutional funds continued to flow into
Solana (SOL) rose 1% in the past 24 hours, trading above US$94 on Monday. The previous week, the token surged 27%, hitting its highest level in two months. Behind this price climb, Solana maintains a bullish short-term structure, with prices above the main moving average, and interest from institutional investors and online participants has also increased.
Institutional needs and validators vote to support Solana
Institutional interest in Solana has increased significantly in recent days, with SOL-focused exchange-traded funds (ETFs) attracting a total of US$28.34 million in capital inflows in the past four trading days. CoinGlass data confirmed that this was the highest inflow from these funds in two months, consistent with Solana's rapid rebound over the same period. Continued institutional interest, if maintained, could provide further buying support for SOL and drive a longer-term bullish trend. However, analysts pointed out that a single week of capital inflows does not confirm that investor sentiment has changed fundamentally. Many market participants are paying attention to whether institutional demand can continue after the recent rise.
At the same time, Solana Network validators began voting on three key governance proposals (SGP1, SGP2 and SGP3), a process expected to conclude Thursday. SGP 1 aims to establish the Solana Constitution, establishing a formal framework for network-level governance and protocol decision-making. SGP2 proposes to increase Solana's regressive inflation rate from 15% to 30%, which will accelerate the rate of decline in inflation but will not directly reduce the current supply of tokens. SGP3 seeks to modify the transaction fee mechanism to introduce a fixed base fee paid to block producers, while destroying part of the resource fee based on the calculation needs of the transaction. Taken together, if these proposals are passed, they will significantly change Solana's governance, token issuance and trading economic model.
Mini Dictionary: Solana Verifier
A Solana Verifier is an entity or participant responsible for confirming transactions, generating blocks, and participating in network governance decisions. Verifiers help secure decentralized networks and maintain the operation of their protocols.
Technical Outlook: $100 Resistance and Key Support
From a technical perspective, Solana's short-term trend remains positive, with prices currently above the 50-day exponential moving average ($79.04) and the 200-day exponential moving average ($92.67). The 4-hour chart shows that SOL is approaching the resistance level of $98.41 (May 11 high), with $100 above being the psychological level. The market generally believes that the daily closing price needs to stand firm above US$100 to confirm continued recovery. If this level is decisively exceeded, analysts expect the upside target to reach US$112.52, which is defined by the 127.2% Fibonacci extension of recent downturns.
Support: the 200-day moving average is US$92.67; further support focuses on the 50-day moving average of US$79.04 and US$76.92 (50% Fibonacci retracement). Momentum indicators are entering overbought territory. The 4-hour Relative Strength Index (RSI) is close to 64, indicating strong buying but also a sign that the rally may have been overstretched. The Moving Average Convergence/Divergence Indicator (MACD) maintains a positive signal, indicating continued trader interest.
Analysts warned that given the recent rapid gains, the risk of profit-taking or short-term consolidation has increased. If there is selling pressure, immediate support is at the 200-day moving average of $92.67. After falling below that level, SOL could test lower at $88.56 (78.6% Fibonacci retracement), followed by $79.04 (50-day moving average). Despite these risks, the short-term outlook is considered positive as long as Solana remains above $92.67. Breaking through and stabilizing $100 is likely to strengthen bullish momentum and open up space for higher goals.
