Solana, Bull vs. Bear Battle..."Institutions Have Already Bought $1 Billion"

▲ Solana (SOL)

Solana (SOL) has reached a critical technical turning point that will determine its direction in Q2 2026. Consequently, a fierce battle between bulls and bears is anticipated around the $80 support level.

Crypto media outlet BeInCrypto analyzed in a video released on April 28 (local time) that Solana has entered a decisive phase where macroeconomic uncertainties and internal network variables converge. BeInCrypto diagnosed that Solana remains under the influence of a head-and-shoulders pattern identified on the daily chart, defending the $80 line as a psychological fortress. It explained that if the $80 support level breaks in May, there is a risk of further decline to the technical target price of $73.

The 20-day exponential moving average (EMA) at $86 was identified as a key indicator for a bullish reversal. If Solana stably reclaims and settles above the $86 line, the short-term bearish structure could weaken, potentially initiating a rally towards the $93 to $100 range. BeInCrypto added that while it leaves open the possibility of Solana reaching a short-term target price of $107.16 by mid-May, caution is advised as over 25 technical indicators are still sending bearish signals.

From a fundamental perspective, the inflow of institutional investor funds is acting as a positive signal. The asset size of Solana spot ETFs has surpassed $1 billion, confirming an increase in holdings by major financial institutions on-chain. Goldman Sachs also disclosed its holdings of Solana spot ETFs, valued at $108 million, bolstering the network's long-term value. However, recent negative news related to Drift Strategy and macroeconomic uncertainties are currently suppressing technical upward momentum.

BeInCrypto presented Solana's potential range through its overall scenario for 2026. In an optimistic scenario, it predicted that new highs above $500 could be achieved, driven by network improvements and accelerated institutional adoption. Conversely, in a pessimistic situation where regulatory risks and macroeconomic deterioration converge, a prolonged sideways movement within a range of $50 to $80 could persist. Currently, the market has set the range between $150 and $320 as a realistic benchmark for this year and is closely watching for volatility in May.

Solana network's trading volume recently recorded $3.60379 billion in a single day, showing active movement with a 31.10% increase compared to the previous day. This suggests that despite the price decline, network activity and user inflows remain robust. Investors anticipate that scheduled upgrades and major e-commerce payment partnership announcements in May will be the ultimate catalysts for a price rebound. Solana is currently preparing for a new upward cycle on a "steel floor" of $80.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*