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Solana trades at $87.93 on May 9, coiling inside a tightening wedge pattern on the daily chart as spot ETF cumulative inflows cross $1.05B for the first time. The CLARITY Act heads to Senate Banking Committee markup next Wednesday, with developer protections and self-custody rights both confirmed in the current draft.
What the Daily Chart Shows Right Now
The daily structure tells a cautious story. After losing multiple Break of Structure levels from the February highs near $150, $SOL has been compressing inside a rising wedge since the March lows around $70. Price is currently pressing the 0.382 Fibonacci retracement at $90.65, which has acted as a ceiling through late April and into May.
Above that sits a layered Fair Value Gap cluster between $105 and $125, with the 0.618 Fib at $104.98 and 0.705 at $110.25 marking the key recovery targets. The MACD on the daily is flat but curling, signal line and histogram both compressing near zero, suggesting the market is coiling before a directional move.
Key levels to watch for May 9:
- Resistance: $90.65 (0.382 Fib), $97.82 (0.5 Fib), $104.98 (0.618 Fib)
- Support: $83 wedge base, $70 March low
- FVG overhead: $105–$125 zone
$SOL Spot ETF Flows Are Building Quietly
Cumulative net inflows crossed $1.05B as of May 7, with Bitwise’s BSOL leading on assets at $676.52M. Daily inflows came in at $6.67M on May 7, following $21.30M the prior session. Total net assets across all $SOL spot ETFs sit at $937.82M, representing 1.82% of $SOL’s market cap.
Inflows have been consistent through late April and early May, even as price stagnated. That kind of quiet accumulation at spot level, without a price reaction, often precedes a catch-up move when sentiment shifts.
CLARITY Act: What Next Wednesday Means for $SOL
The CLARITY Act reaching Senate Banking Committee markup next Wednesday is the most significant near-term catalyst for the broader crypto market, and Solana sits directly in its path. Miller White, speaking at Solana Accelerate Miami, confirmed the bill includes explicit self-custody protections and shields developers from being misclassified as money transmitters, two provisions the industry has wanted codified for years.
New bill text drops five days before markup, meaning a close read by end of this week could surface any last-minute changes. Senator Bernie Moreno, a vocal crypto advocate on the committee, has confirmed the Wednesday timeline. If the bill clears committee, it heads to a full Senate vote, with a potential floor vote in June and enactment targeted before August recess.
$SOL Price Prediction: Outlook for May 8
- Upside: A clean break above $90.65 opens the FVG cluster between $105 and $115. CLARITY Act passage through committee next week could accelerate that move. First target $97.82, extended target $110–$115.
- Downside: Rejection at $90.65 and wedge breakdown puts $83 in play immediately, with the March low at $70 as worst-case if macro turns.