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Solana price breaks 5-week downtrend, rising nearly 7% amid supply cut proposals and institutional interest.

Market News
10 Aug 2026
Crypto news
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Bullish
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Solana's price surged nearly 7% from $72.49 to $77.36, breaking out of a five-week descending channel driven by proposals to reduce future supply and growing institutional adoption. Key proposals aim to double the inflation decline rate and increase daily token burns, potentially tightening supply. Institutional moves by BlackRock and Western Union also boost Solana's role in regulated financial infrastructure. The price now targets resistance levels at $78 and $80, with a confirmed daily close above $78 signaling stronger bullish momentum. However, the broader trend reversal remains unconfirmed as Solana trades well below its earlier highs.

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