TLDR
- Solana’s price climbed 4.3% over the last 24 hours, reclaiming the $80 threshold
- On-chain transaction volumes reached a monthly peak in February, exceeding July 2025 figures
- Price action remains confined within a $76 to $90 corridor for more than 30 days
- Major Wall Street players accumulated $540M in spot Solana ETF positions during Q4 2024
- Electric Capital topped the list with $137.8M, followed by Goldman Sachs at $107.4M
Solana (SOL) has reclaimed the $80 price level following a 4.3% surge over the past day. The rally was accompanied by a 76% spike in trading volume, which reached $4 billion.
This volume figure accounts for over 8% of Solana’s circulating supply value, suggesting robust accumulation around the $80 price point.
For more than 30 days, SOL has been consolidating within a tight range between $76 and $90. Earlier this week, the asset tested the upper boundary at $90 before retreating by over 10% within days.
$SOL is breaking out of an Ascending Triangle on the 4h chart 👀
I could see it go to $98-103 in the next week or two
Just a 200WMA retest before further decline 📉 pic.twitter.com/Rg5r9A4Fj5
— CryptoBullet (@CryptoBullet1) March 4, 2026
This rejection confirms that $90 continues to act as a significant resistance zone. However, demand has consistently emerged near the $80 support level, preventing deeper corrections.
Technical indicators show the Relative Strength Index (RSI) has moved above its 14-period moving average on the 4-hour timeframe. A break above 60 on the RSI would confirm strengthening bullish momentum.
Meanwhile, the 1-hour chart generated a buy signal during U.S. market hours. These signals typically emerge at critical support zones accompanied by elevated trading volumes.
Network Activity Reaches New Monthly Peak
The Solana blockchain handled 882 million transactions during the previous week. This figure sits just 8% below the network’s all-time high recorded in early February.
When comparing monthly figures, February’s transaction volume surpassed that of July 2025—a period when SOL traded at $172. Such elevated network activity is traditionally associated with bullish market phases.
The disconnect between increasing network utilization and declining price action raises questions. One potential factor is widespread liquidations on meme token platforms such as Pump.fun, which could inflate transaction counts without reflecting genuine user growth.
Weekly active user metrics have also shown growth, based on Artemis analytics. However, it remains uncertain whether this represents authentic adoption or merely liquidation-related transfers.
Institutional Capital Flows Into Spot ETFs
U.S. spot Solana ETFs became available in October 2024 following Bitwise’s SEC approval on October 28. Since their introduction, institutional appetite has been substantial.
Who were the buyers of those Solana ETFs? The top of the list is a who’s who of market makers and crypto investment firms. https://t.co/NHu9ul4nt1 pic.twitter.com/aFI0CLubB1
— James Seyffart (@JSeyff) March 9, 2026
According to research from Bloomberg ETF analyst James Seyffart, the top 30 institutional investors purchased more than $540 million in Solana ETF positions throughout Q4 2024.
Electric Capital dominated with $137.8 million in holdings. Goldman Sachs secured the second position with $107.4 million in exposure.
Investment advisory firms represented $270 million of aggregate holdings. Hedge fund managers controlled an additional $186.4 million.
Notable participants include Morgan Stanley and Citadel Advisors. Collectively, the $540 million in institutional positions corresponds to approximately 4.3 million SOL tokens.
Bloomberg’s Eric Balchunas highlighted that institutions filing 13F forms control 50% of total Solana ETF assets. Since launching, U.S. spot Solana ETFs have attracted cumulative inflows totaling $952 million.
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