Solana price holds rising trendline with $115 in sight

Solana (SOL) price stayed around $106 on Aug. 28 after reaching an intraday high of $110. The move was underpinned by continued US spot Solana ETF inflows and high on‑chain activity, even as US inflation data added pressure to risk assets.

Price action and technical outlook

From $96.60 on Aug. 26, SOL climbed to $110 before pulling back to roughly $106.25, a gain of about 10% from the earlier opening price. The daily chart shows a key support level at $104.41, the 50% Fibonacci retracement, while the 4‑hour chart keeps SOL above an ascending trendline and a bullish Supertrend around $100.95.

Technical indicators remain positive: the Awesome Oscillator is at 8.82 above neutral, Aroon Up reads 92.86%, and Chaikin Money Flow is +0.32, indicating accumulation outweighs distribution. A close above $110 could open the path to $114.88 and potentially $127.83.

ETF inflows offset inflation concerns

US spot Solana ETFs recorded five consecutive days of net inflows, reaching about $1.22 billion in cumulative subscriptions. The inflows provide regulated exposure for US investors and may boost spot‑market demand as fund issuers acquire underlying SOL.

US inflation data released on Aug. 26 showed the headline PCE price index at 3.7% YoY, slightly above expectations, which initially pressured risk assets. SOL fell to $95.23 after the release but quickly recovered as ETF demand and market buying resumed.

Network activity reinforces the rally

Solana processed over 1.01 billion transactions in a single week in August, indicating strong chain usage. Tokenized‑equity trading on Solana accounted for $1.298 billion of the $1.324 billion global on‑chain equity volume in mid‑June, representing about 95% of that market.

Supply considerations

Validators are discussing the “Double Disinflation” proposal, which would accelerate the decline of token inflation from 15% to 30% annually, moving the terminal inflation rate to 1.5% by early 2029 instead of 2032. The impact on price remains conditional on approval.

Liquidity and risk points

Liquidity clusters sit near $108.5‑$109 and $110.5‑$111.5, where leveraged shorts could be forced to cover on a breakout. Below $104‑$105, liquidity is also present, with deeper zones around $102‑$103. A break below $104.41 could pull price toward $100.95 and the 61.8% Fibonacci level at $93.95.

Overall, SOL maintains a bullish bias above $100‑$104, but rejection at $110 and nearby downside liquidity keep the token vulnerable to a corrective move before any sustained push toward $115.