Solana traded around $76.93 on Aug. 10, up nearly 7% from its Aug. 7 low of $72.49, after breaking above a five-week descending channel that had capped prices since early July. The move carried SOL above $74.30 and through channel resistance near $75, with the token reaching an intraday high of $77.36 as trading volume expanded. Short-term technical signals improved, including a positive bull-bear power reading of 1.23 and a Supertrend support level at $75.02, though SOL remains well below its May swing high near $97 and its January peak above $145. The rally coincided with growing validator support for two Solana governance proposals that could reduce future supply growth if approved. SIMD-0550 would increase the annual disinflation rate from 15% to 30%, accelerating the network's path toward its terminal inflation rate, while SIMD-0553 would introduce resource-based transaction fees and could lift daily SOL burns from about 650 tokens to between 7,500 and 9,000. The governance process is expected to run through Aug. 18, and the proposals remain subject to validator approval. Institutional developments added to the constructive backdrop. BlackRock recently unveiled its Daily Reinvestment Stablecoin Reserve Vehicle, which can record fund ownership across several public blockchains including Solana, although the product holds cash, short-term U.S. Treasuries and repurchase agreements rather than SOL itself. Western Union has also expanded its use of the network: its USDPT stablecoin is issued on Solana by federally regulated Anchorage Digital Bank, and a related Stablecard product has launched across 37 markets. Analysts are watching resistance around $77.80 to $78.20, with a break above $78 seen as a potential trigger for further short liquidations and a move toward $80. A broader push could expose the $82 to $84 area, while failure to hold $75 could pull SOL back toward $73 or even $72.80. Longer term, Michaël van de Poppe said SOL had formed a higher low against Bitcoin and could recover toward $100 to $120, though that would require reclaiming several overhead resistance levels.