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SOL Solana surged 25% to exceed $90, SEC new rules triggered a $4.6 billion short liquidation
Solana (SOL), a well-known blockchain platform known for its high-speed and scalable network, surged 25% in the past week, breaking the $90 price mark for the first time in months. The sharp rise comes after the U.S. Securities and Exchange Commission (SEC) launched a new regulatory framework for cryptocurrencies.
Large-scale clearing stirs the market
SOL's trading activity has intensified significantly, with trading volume climbing nearly 50% to US$9.5 billion. This volume accounted for 17% of SOL's total outstanding market value, reflecting strong buying pressure and rising investor interest.
These developments have triggered a wave of forced liquidations by traders betting on falling prices. In three days, a total of US$4.6 billion worth of short positions in the crypto market were liquidated. It is worth noting that on August 18 alone, the short liquidation amount reached US$2.9 billion, ranking the eighth highest single-day liquidation event in the history of the industry.
On August 18, short positions worth $2.9 billion were cleared, one of the highest single-day liquidations in the history of the crypto market.
SOL not only broke its 200-day exponential moving average (EMA), but also overcame long-standing price supply areas of $78 and $90 that had previously been stubborn resistance levels. The asset closed at $93.72 on August 21, a one-day gain of 6.94%.
Kobeissi Letter, a widely watched financial analysis platform, pointed out that SOL has risen above US$100 for the first time since February 3, emphasizing that the digital asset sector has regained momentum and is gaining momentum.
On-chain signals and institutional capital inflows
A key on-chain indicator that has repeatedly predicted a rebound in prices has reappeared. The 30th and 50th moving averages of daily active users crossed, the last time this occurred in June 2025, when the signal was related to the surge in SOL prices from $145 to $245 in a few months.
According to data from blockchain analytics firm Sanitation, the same intersection is emerging again. The company tracks address activity and user engagement on major blockchain networks.
Net inflows into SOL-related exchange-traded fund (ETF) products increased to $38 million, the highest level since May, indicating that institutional capital is returning to the network. During this period, the widely watched Cryptocurrency Fear and Greed Index rose from 36 to 76, indicating a sharp shift in investor sentiment from neutral to highly optimistic.
Indicators| previous value| Current values
SOL Price| us $73| US$91.89
Trading Volume| $6.3 billion| US$9.5 billion
Net ETF inflow| - |$38 million
Fear and Greed Index| 36 |76
Technical indicators and short-term risks
Technical indicators show that Solana is currently in overbought territory. The daily candle chart has a longer upper hatch, indicating that selling pressure has increased near the current price and that some traders are taking profits.
Analysts are currently focusing on US$83 and believe that if there is a correction in prices, this level may become a support area, while the 200th EMA is also close at hand and is expected to provide additional support. Prior to this breakthrough, SOL had twice failed to stabilize above $90. A closing price above this level suggests that prices are expected to rise further if buying continues.
Technical analysts are monitoring US$83 support, while the 200th EMA is closely behind for further downside protection.
If Solana can stay above $90, the technical target is expected to be in the mid-range of $120. If you fail to hold that level, the asset may return to a declining trend pattern at high points. As of press time, SOL was trading at $91.89, down 9.15% on the day, indicating that the expected correction may have begun.
