Solana (SOL) Price: Breaks Five-Week Downtrend as $83 Target Comes Into View

TLDR

• Solana rose nearly 7% from its Aug. 7 low of $72.49, reaching $77.36 and breaking a five-week descending channel.
• The 4-hour Supertrend indicator flipped bullish at $75.02, supporting the breakout structure.
• Liquidation clusters near $78–$80 could push SOL higher if buyers hold current levels.
• Two governance proposals (SIMD-0550 and SIMD-0553) could reduce SOL’s future supply growth if approved by Aug. 18.
• Analyst Michaël van de Poppe sees SOL forming a higher low against Bitcoin, with a possible recovery toward $100–$120.

Solana (SOL) climbed nearly 7% from its Aug. 7 low of $72.49, reaching an intraday high of $77.36 on Aug. 10. The move pushed SOL above the upper boundary of a descending channel that had been in place since early July.

The 4-hour chart shows SOL first reclaimed $74.30 before breaking the channel near $75. Trading volume expanded during the breakout, and the bull-bear power indicator rose to 1.23, suggesting buyers have more short-term control than sellers.

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