Solana risks deeper correction after crypto-wide rally
Solana followed the broader crypto market higher, climbing to around $103 after breaking above $88. However, after gaining more than 38% since August 17, profit-taking is beginning to intensify even as on-chain activity remains strong.
The main driver behind SOL’s latest advance remains the broader crypto-market recovery. Bitcoin moved above $80,000 on August 25, while Solana gained around 8% on the day and nearly 35% over the week, making it one of the strongest-performing major cryptocurrencies.
At the same time, network activity remains robust. Between August 17 and August 23, Solana processed around 1.32 billion non-vote transactions, setting a new weekly record for network activity.
Another fundamental factor comes from validator voting on proposals that could slow the growth of SOL supply. One proposal would accelerate the decline in inflation, while another could increase daily fee burns from roughly 650 SOL to around 9,000 SOL. Voting continues through August 27, keeping the supply-side narrative in focus.
Holding below $103 keeps the correction scenario intact
SOL broke above the previously discussed resistance at $88 and later climbed to around $103. Profit-taking has since intensified, which appears natural after a gain of more than 38% since August 17.
The RSI (14) provides an additional warning, as the indicator remains in overbought territory.
The base case remains a decline toward the nearest support around $92. If sellers manage to break decisively below this level, the next target would be the former resistance near $88.
A sustained move above $103 would invalidate this scenario.
Profit-taking risk rises after Solana’s sharp rally
Solana’s latest advance was part of a broader crypto-market move, so after such a rapid surge, the risk of profit-taking over the coming days has increased noticeably.
At the same time, the market is increasingly discussing a possible rotation of capital from the overheated AI trade into cryptocurrencies. There is still not enough evidence to call this a sustained structural shift, however. For SOL, the next key test will therefore be whether buyers can defend the $92–88 area if broader market volatility increases.
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