Driven by improving market risk appetite and continued institutional ETF inflows, SOL is short-term bullish, rebounding from the $83 double-bottom range, with the $86–89 area forming key resistance. If successfully broken and held, the next target is $90–96; otherwise, focus on support at $84 and $82 levels. On-chain transaction volume and ecosystem expansion are significant, with stablecoin and tokenized treasury asset TVL enhancing its long-term value. However, risks remain as tech iteration lags valuation. It is advised to capture short-term volatility profit, emphasize risk control, monitor mid-to-long term ecosystem upgrades and valuation recovery progress, and control position sizes.

In recent days, the total crypto market cap has increased by nearly $64 billion within a few days, with risk appetite clearly rising. On the macro front, easing geopolitical tensions have pulled back safe-haven assets, triggering a concurrent rebound in digital assets. Taking SOL as an example, it has rebounded over 3% since hitting a local low of $83.49 on April 19, closing at $86.14 on April 23. Meanwhile, institutional interest in SOL remains robust, with $108 million in institutional-grade spot ETF inflows continuously supporting the price. These factors have together fostered a short-term bullish market atmosphere.

The crypto market capitalization rose nearly $64 billion on April 22, reaching $2.7 trillion amid renewed institutional demand and easing geopolitical tensions. Bitcoin gained 2.3%, trading around $78,077, while top altcoins like Ethereum, Solana, and Dogecoin also performed well. Bullish sentiment was driven by an extended Iran ceasefire, a short squeeze, and significant inflows into institutional products such as BlackRock’s Bitcoin Trust and Strategy Inc.'s Bitcoin purchases.

Why is the crypto market up today?

Solana price has rebounded 6% since Monday, forming a bullish double bottom pattern that may signal a trend reversal. Currently at $88.5 with a market cap over $50 billion, Solana's gains follow easing macro fears after the Iran ceasefire extension and increased institutional investment, including $108 million in Goldman Sachs spot Solana ETFs. A breakout above the $97.8 neckline could push the price to $118, with potential short squeezes near $91 accelerating the move.

Solana price forms bullish double bottom, eyes upside to over $110 on breakout

Bitcoin surged past $78,000 following the extension of a ceasefire between the US and Iran, boosting risk appetite in digital assets. The broader crypto market rose, with total value exceeding $2.7 trillion and gains in Ethereum, Monero, Bitcoin Cash, BNB, and Solana. Strategy's large Bitcoin purchase and $1.4 billion inflows into crypto funds supported the rally. However, leveraged traders faced nearly $500 million in liquidations, mostly from short positions.

Crypto market update: Bitcoin rallies past $78K after ceasefire extension, liquidations jump

On the daily chart, SOL formed an obvious double-bottom structure in mid-April, with both bottoms at the $81–83 range, and the neckline near $97.8. Recently, the price broke through a local descending trendline, facing initial resistance at $86–89. If it can hold and trade with increased volume in this range, it is likely to further challenge $90–96; otherwise, initial downside support shifts to $84.36, with a possible retest at $82 if lost. Short-term bullish and bearish divergence now focuses on whether current resistance can turn to support, and short covering by bears may cause local short squeezes.

From the infrastructure and application layers, Solana processed 25.3 billion on-chain transactions in Q1, surpassing Ethereum, with its developer share increasing to 23%, fueling ongoing ecosystem expansion. Meanwhile, Solana-based stablecoins saw nearly $1 trillion in trading volume last month, with over $14 billion in tokenized treasury assets locked up, providing DeFi with top-tier collateral. Additionally, stablecoins enable near real-time supply-demand matching on the platform, lowering entry barriers for global capital market participants. Furthermore, Solana has become one of the top five digital assets disclosed by senior U.S. Congress members, collectively reinforcing its long-term value proposition.

Lily Liu, Chair of the Solana Foundation, highlighted at the 2026 Hong Kong Web3 Carnival that stablecoins can reduce barriers to global capital markets by enabling near real-time matching of asset demand and supply. She advocated for "Universal Basic Ownership" as a response to AI-driven unemployment, emphasizing blockchain's role in granting everyone digital property rights and access to capital markets through just a smartphone.

Solana Foundation President: Stablecoins will lower the barriers to capital markets, advocating for "universal basic ownership" to address the impact of AI

Under the 2012 STOCK Act, US Congress members must report trades over $1,000 within 45 days. The top 5 cryptocurrencies favored by Congress are Bitcoin, Ethereum, Solana, XRP, and Cardano. Notable holders include Sen. Cynthia Lummis and Rep. Guy Reschenthaler. Some lawmakers also invest in lesser-known coins like Ski Mask Dog (SKI) and LGB Coin. Recently, most of these cryptos gained 1.8% to 4%, except SKI, which dropped 2.86%.

Follow the Money: The 5 Cryptos Favored by US Congress Members

Tokenized T-bills have reached a record $14 billion in total value locked across multiple blockchains as of April 2026, driven by increased wallet participation. Despite DeFi slowdowns and crypto market challenges, tokenized US treasuries continue to grow, especially on Ethereum, BNB, and Solana. Leading issuers like Franklin Templeton's Benji fund saw significant growth. These tokenized assets serve as conservative collateral in DeFi lending and stablecoins, offering an annualized yield of about 3.68%.

Tokenized T-bills have reached a record of over $14B.

Solana has outpaced Ethereum with 25.3 billion transactions in Q1, driven by a 23% developer share compared to Ethereum's decline. This surge in developer activity fuels more applications and stablecoin usage, with Solana's stablecoin volume hitting nearly $1 trillion last month, a 12× year-on-year growth. Despite this, the $SOL/$ETH price ratio remains down 5.84%, highlighting a disconnect between Solana's on-chain strength and market valuation, suggesting potential for a long-term breakout.

Solana outpaces Ethereum with 25.3B transactions – Will SOL/ETH finally react?

Despite the strong ecosystem and market performance, uncertainties in technical upgrades and security remain. Solana's quantum-resistant solutions are still at the planning stage, and future upgrade paths and costs may create technological risks. In addition, on-chain activity is significantly outpacing price performance, with current valuations still disconnected from underlying fundamentals. A sudden change in market sentiment or a reversal in capital flows could trigger intensified short-term volatility. Therefore, mid-to-long term investors should closely monitor the ecosystem upgrade progress and the pace of valuation recovery.

Coinbase’s quantum researchers highlighted Algorand and Aptos as better prepared for quantum computing threats, with Algorand deploying quantum-resistant cryptography and Aptos enabling easy transition to post-quantum secure transactions. The report warned that other proof-of-stake chains like Ethereum and Solana may be more vulnerable but noted they have plans to upgrade. The threat from quantum computing is not immediate, potentially taking a decade to materialize.

Coinbase says Algorand, Aptos better prepared for quantum threat

Binance-Peg SOL

Euro-zone inflation probably jumped in April to the highest in 2 1/2 years as fallout from the Iran war squeezed economies across the currency area

Circle has minted 500 million USDC on the Solana blockchain.

USD/JPY: Supported but capped below 160 – DBS

The U.S. Attorney for Washington, D.C.: Will stop the investigation into Powell's Federal Reserve building costs.

The final value of the one-year inflation rate expectation in the US for April is 4.7%.

US stocks opened with a collective rise in the crypto sector, with Strategy (MSTR) up 2.10%.

Bank of Canada to hold interest rates this year, show patience with energy inflation: Reuters poll

ECB: Rate hike call pushed to June – Rabobank

Solana Price Just Broke a Months-Long Descending Trendline: Are $120 Targets Finally Back on the Table?

Economists raised their estimates for US inflation and said they expect only one Federal Reserve interest-rate cut this year amid elevated energy costs sparked by the Iran war.

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SOL price today is 86.50, with a live price change of 0.19 in the last 24 hours. Convert, buy, sell and trade SOL on Bybit-eu.

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