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Solana (SOL) is drawing renewed attention from major crypto participants as the broader market recovers. On May 9, SOL rose more than 6.50% to trade at $93.71 for the first time since March 18. The move was accompanied by a sharp increase in activity, with trading volume up over 20% to $5.12 billion, according to CoinMarketCap data.
One driver cited by market trackers is renewed whale activity. Crypto transaction tracker Lookonchain reported that a whale purchased 67,648 SOL—valued at $6.23 million—after a seven-month dormancy period.
Institutional interest is also reflected in spot exchange-traded funds (ETFs). Analytics platform SoSoValue reported that on May 8, 2026, U.S. spot SOL ETFs recorded inflows of $6.23 million.
Derivatives data further suggests broad-based bullish positioning. CoinGlass indicates that not only whales and institutions, but also intraday traders, are aligning with the same trend.
CoinGlass data referenced via the SOL liquidation map highlights two major levels: $90.70 to the downside and $94.50 to the upside. At these points, traders appear heavily overleveraged, with $174.48 million in long positions and $42.75 million in short positions built up. The imbalance suggests market participants are positioned for a move higher.
On the daily chart (TradingView), SOL is described as having a bullish bias, but it is approaching a major sell wall. The level identified is $97.40, which has previously triggered price reversals.
The article notes that when SOL last reached $97.40, it faced strong selling pressure and fell from $97.40 to $76.85.
For SOL to extend its upside move, the article says the daily candle would need to close above the $97.40 resistance level. If that occurs, it projects SOL could surge by more than 21% and potentially reach $118.
Conversely, failure at $97.40 could bring renewed selling pressure and lead to another decline.
Momentum indicators are also cited: the Relative Strength Index (RSI) is at 68.32, close to the overbought zone but still leaving room for further upside movement.
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