Solana pushed toward $100 on Saturday, gaining 6% intraday, while its spot ETF drew $28.3 million in weekly net inflows. A daily close above the level would confirm a breakout, but analysts remain split on whether Solana's fundamentals justify its valuation against cheaper rivals.
Solana gained 6% on Saturday, the 22nd of August, touching $102.7 on Binance, its highest level since February. A daily candlestick close above $100 would confirm the altcoin's breakout from its 2026 trading range.
SOL eyes $117 on a confirmed breakout
If the breakout holds, the next target sits at $117, the token's 50-week moving average — about 20% above current levels. However, a rejection near the $98 range-high could extend the sideways structure. Volatility around next week's Jackson Hole Symposium could push the price toward either outcome.
Analysts split over Solana's competitive moat
Ryan Watkins, founder of Syncracy Capital, argued Solana's fundamentals are set to improve, pointing to proposed inflation cuts and narratives including tokenization and stablecoins. According to Watkins: "Fundamentals look great, and the value capture story will only improve with each passing quarter." He projected Solana's revenue could grow two to four times over the next two years.
Jon Charbonneau, General Partner at DBA, countered that Hyperliquid and Pumpfun offer cheaper, stronger alternatives than Solana at its current market capitalization. Michael Nadeau echoed the concern, noting that much of Solana's economic activity flows through Pumpfun, its memecoin launchpad, and questioned the durability of Solana's moat heading into the next cycle.
ETF demand offers a counterweight
Even so, memecoin trading still dominates activity across most chains, ahead of newer narratives like tokenization, prediction markets, and AI agents. Meanwhile, the U.S. spot SOL ETF drew $28.3 million in weekly net inflows, among the highest since May. If that institutional bid continues into next week, Solana could reclaim the $100 level.
Source: AMBCrypto
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