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Points of Focus
- Solana jumped 10.5% to $84.90 as futures volume climbed to $12.6 billion and OI reached $5.66 billion.
- Spot volume surged to $1.24 billion, cutting the futures-to-spot ratio from about 15x to near 10x.
- SOL reclaimed its 100-day MA at $79.12 but remains below the 200-day MA at $95.65.
Solana (SOL) surged past $84 on Thursday, gaining 10.5% in 24 hours as futures volume climbed to $12.6 billion. Spot volume also jumped to about $1.24 billion, showing that trading activity expanded beyond derivatives as SOL broke higher. The move pushed SOL above its 100-day moving average (MA) and brought the $85-$90 zone into focus.
Solana futures volume surges to $12.45 billion
CoinGlass data placed SOL near $84.90, with futures volume at about $12.6 billion, open interest (OI) at $5.66 billion, and 24-hour liquidations near $104.7 million.
Futures turnover was more than twice the level of OI, showing how quickly contracts changed hands as SOL moved through the low-$80s.
The rally also arrived during a broader market rebound. The US Treasury doubled planned long-bond buybacks from $2 billion to at least $4 billion per operation, helping pull the 30-year yield down from a 19-year high. Trump also renewed his push for Congress to pass the CLARITY Act, while Bitcoin (BTC) moved toward $69,500.
BREAKING: The US Treasury announces it will double the size long-term US government debt buybacks following the rapid surge in US Treasury yields.
Repurchases of $2 billion will now be increased to "at least" $4 billion, the US Treasury said.
The move is intended to provide…
— The Kobeissi Letter (@KobeissiLetter) August 19, 2026
The latest completed SOL ETF session before the rally added just $1.58 million on Aug. 18. The modest inflow makes it difficult to attribute the breakout to fund demand alone, with falling Treasury yields, stronger spot activity, and derivatives repositioning all present as SOL moved above $84.
Spot volume rises faster than SOL futures
Spot activity grew faster than derivatives turnover during the rally. CoinGlass showed SOL spot volume near $1.24 billion, up about 292% over 24 hours, while futures volume reached $12.6 billion after rising roughly 161%.
That narrowed the futures-to-spot ratio from about 15 times to near 10 times. Futures still dominate SOL trading, but spot participation expanded faster during the breakout. Open interest also rose much less than futures volume, showing that the surge in turnover was not matched by an equally large buildup in new leverage.
Solana’s price clears 100-day MA
According to Barchart, Solana’s 20-day MA stood at $75.67, its 50-day MA at $75.26, and its 100-day MA at $79.12. With SOL trading above $84, the token has moved back above all three trend levels after sitting near $77 a day earlier.
Barchart also placed the 14-day relative strength index (RSI) at 69.74, just below the 70 level commonly associated with overbought conditions. SOL is still trading below its 200-day MA at $95.65, keeping the longer-term trend below that threshold.
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