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

▲ Solana (SOL)

Solana (SOL) has reached a critical technical turning point that will determine its direction in Q2 2026. As a result, a fierce battle between bulls and bears is expected 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 observed on the daily chart and is defending the $80 level 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 key indicator for an upward reversal was identified as the 20-day exponential moving average of $86. If Solana stably reclaims and settles above the $86 level, the short-term bearish structure could weaken, initiating a rally towards the $93 to $100 range. BeInCrypto left open the possibility of Solana reaching a short-term target price of $107.16 by mid-May but also cautioned that more than 25 technical indicators are still sending bearish signals.

From a fundamental perspective, the inflow of funds from institutional investors 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 worth $108 million, reinforcing 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 an overall scenario for 2026. In an optimistic scenario, a new all-time high of over $500 could be achieved, driven by network improvements and accelerated institutional adoption. Conversely, in a pessimistic situation where regulatory risks and macroeconomic deterioration overlap, a long-term sideways trend between $50 and $80 could persist. The current market has set the range between $150 and $320 as a realistic benchmark for this year and is monitoring May's volatility.

Solana network's transaction volume recently recorded $3.60379 billion in a single day, an increase of 31.10% from the previous day, showing active movement. This suggests that despite the price decline, network activity and user inflow remain robust. Investors expect planned upgrades in May and announcements of major e-commerce payment partnerships to 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.*