Solana Breaks Falling‑Wedge and Presses $78 Resistance

Validator votes that could sharply raise SOL burns run through Aug. 18, creating a near‑term supply catalyst if buyers push past the $78–$79 band.

Overview

SOL has reclaimed the $74–$76 band after breaking a multi‑week falling wedge and is trading in the mid‑$70s while testing resistance around $78–$79.
Price momentum is bullish but showing signs of easing with RSI near overbought levels, so a clean move above $78 is needed for follow‑through toward $80 and the mid‑$80s.
Derivatives data show concentrated short and leveraged positions clustered near $77.8–$79.5, which could force short liquidations and accelerate gains if price breaks the upper‑70s.
U.S. spot Solana ETFs hold roughly $870 million in assets but recorded no fresh inflows on Aug. 7, so institutional product activity is supporting infrastructure narratives without proving immediate SOL buying.
Two governance proposals, SIMD‑0550 and SIMD‑0553, are in a validator vote through Aug. 18 and could boost daily SOL burns from about 650 to an estimated 7,500–9,000 if approved, while the planned Alpenglow upgrade and macro or regulatory moves will shape whether any breakout lasts.