Solana price holds rising trendline with $115 in sight

Solana price traded near $106 on Aug. 28 after reaching $110, as strong US ETF inflows and network activity helped SOL defend its breakout despite hotter inflation data.

Solana price retreats after reaching $110

According to data from crypto.news, Solana (SOL) price rose as high as $110 on Aug. 28 before retreating to around $106.25, leaving it approximately 10% above its Aug. 26 opening price of $96.60. SOL briefly fell to $95.23 earlier in the period before buyers restored the uptrend.

The recovery followed a strong advance that began around Aug. 19, when SOL broke out of a prolonged range near $75–$80. The token subsequently cleared $88, $94, and the psychological $100 level as buying pressure accelerated.

Friday’s pullback started after SOL tested the $109–$110 area, where the 4-hour chart shows its latest local high. The decline of about 3.4% from that peak points to profit-taking after the rapid advance rather than a confirmed reversal.

SOL remains above an ascending trendline connecting the higher lows formed since Aug. 19. Its 4-hour Supertrend also remains bullish, with dynamic support at approximately $100.95. A drop below both levels would provide the first warning that the short-term structure is weakening.

The Awesome Oscillator stands at 8.82, well above its neutral line. Its positive reading shows that recent upward momentum remains stronger than the preceding downswings, although the latest red bar suggests the pace has started to cool.

ETF inflows help SOL absorb inflation pressure

Solana’s rebound developed despite US inflation data creating a more difficult backdrop for risk assets. The Bureau of Economic Analysis said the headline Personal Consumption Expenditures price index rose 3.7% annually in July, compared with a 3.6% consensus estimate.

Core PCE increased 0.2% monthly and 3.3% annually, matching forecasts. The slightly hotter headline reading initially pushed bond yields and the US dollar higher as traders reduced expectations for easier Federal Reserve policy. The BEA released the figures on Aug. 26.

SOL fell to $95.23 after the report but recovered quickly as spot demand offset the initial de-risking. US spot Solana exchange-traded funds extended their inflow streak to five sessions through Aug. 24, when they attracted $33.5 million, their largest daily intake of 2026.

The inflow took cumulative net subscriptions to approximately $1.22 billion. Later data reported by CryptoRank placed the streak at seven sessions and cumulative inflows near $1.26 billion.

The reported $126 million figure relates to single-day trading volume for Bitwise’s BSOL fund, rather than net inflows. Separating volume from subscriptions is important because high turnover does not necessarily show that an equal amount of new capital entered the product.

Growing ETF demand gives US investors regulated exposure to SOL without requiring direct token custody. It may also strengthen spot-market demand when fund issuers acquire the underlying asset to create new ETF shares.

Solana network activity strengthens the rally

Network activity has provided a second source of support. Solana processed more than 1.01 billion transactions during one week in August, according to figures reported earlier in the month. The milestone points to high chain usage, although transaction totals can include automated activity and should not be treated as an exact measure of unique users.

Tokenized-equity trading has also expanded. Solana processed $1.298 billion of the $1.324 billion in global onchain equity volume during the week of June 15–21, representing about 95% of the market, according to Solana Compass.

First-half tokenized-stock volume reached a reported $4.9 billion, more than six times the $775 million recorded in the second half of 2025. The comparison shows longer-term growth rather than a sixfold increase during the latest price rally.

SOL’s supply outlook has attracted additional attention as validators consider the Double Disinflation proposal. The plan would increase the annual rate at which inflation declines from 15% to 30%.

Helius said the proposal would move Solana toward its terminal inflation rate of 1.5% by the first half of 2029, compared with 2032 under the existing schedule. Any supply effect remains conditional on the proposal’s approval and implementation.

SOL needs to hold $104 to target $115

The daily chart places SOL just above the 50% Fibonacci retracement level at $104.41. Holding that former resistance as support would preserve the breakout and give buyers another opportunity to challenge $110.

Momentum remains bullish but stretched. The Aroon Up indicator stands at 92.86%, while Aroon Down is 14.29%, confirming that the most recent high is much newer than the latest major low. Chaikin Money Flow is also positive at 0.32, showing that accumulation has outweighed distribution during the measured period.

A confirmed daily close above $110 would expose the 38.2% Fibonacci retracement at $114.88. Clearing that level could extend the rally toward $127.83, while the 4-hour rising trendline points toward the $111–$112 area in early September.

The 24-hour liquidation heatmap shows the closest major overhead liquidity concentrated around $108.50–$109 and near $110.50–$111.50. A move through those zones could force leveraged short positions to close and add momentum to a breakout.

Liquidity is also visible below the market around $104–$105, with deeper concentrations near $102–$103. A loss of $104.41 could therefore pull SOL toward $100.95, followed by the 61.8% Fibonacci level at $93.95.

SOL’s broader setup remains bullish while price holds above $100–$104. However, rejection at $110, stretched daily momentum, and nearby downside liquidity leave the token vulnerable to a deeper reset before any attempt at $114.88 or $127.83.