SOL Today’s long/short tug-of-war has been quite intense—let me say a couple of things.
Solana has just completed the first-ever on-chain formal governance vote in its history. The SGP-2 proposal has passed, which suggests the amount of SOL being burned per day could rise by as much as 14x, with the deflationary pace clearly accelerating. At the same time, Charles Schwab announced that it will open direct SOL purchases to its 40 million brokerage accounts, and the BSOL ETF’s single-day trading volume hit a record of $126 million. With these two pieces of news landing together, it’s like institutional narrative and on-chain fundamentals are both gaining momentum at the same time.
Right now, the price is around $106. The intraday high reached $110.60, which is still some distance away from the previous peak. Funding rates are close to zero or even slightly negative, suggesting there are plenty of shorts on the derivatives side—meaning it may actually be favorable for longs in the short term due to the likelihood of forced liquidations. However, last week’s PCE inflation data was still around 3.3%, and broader rate-cut expectations have cooled, so the $110 area is facing meaningful overhead pressure.
If you want to get involved, first make a note of the $101–$103 support zone—this is an important level where the former high has turned into support.
Click the mini card below to quickly view the market.
$SOL
Solana has just completed the first-ever on-chain formal governance vote in its history. The SGP-2 proposal has passed, which suggests the amount of SOL being burned per day could rise by as much as 14x, with the deflationary pace clearly accelerating. At the same time, Charles Schwab announced that it will open direct SOL purchases to its 40 million brokerage accounts, and the BSOL ETF’s single-day trading volume hit a record of $126 million. With these two pieces of news landing together, it’s like institutional narrative and on-chain fundamentals are both gaining momentum at the same time.
Right now, the price is around $106. The intraday high reached $110.60, which is still some distance away from the previous peak. Funding rates are close to zero or even slightly negative, suggesting there are plenty of shorts on the derivatives side—meaning it may actually be favorable for longs in the short term due to the likelihood of forced liquidations. However, last week’s PCE inflation data was still around 3.3%, and broader rate-cut expectations have cooled, so the $110 area is facing meaningful overhead pressure.
If you want to get involved, first make a note of the $101–$103 support zone—this is an important level where the former high has turned into support.
Click the mini card below to quickly view the market.
$SOL
