Solana (SOL) traded near $76 on Aug. 18 after Cathie Wood's ARK Invest bought 7,115 shares of the 3iQ Solana Staking ETF, while an $83 target remained conditional on a breakout.
Key Points:
- ARK Invest bought 7,115 shares of the 3iQ Solana Staking ETF on Aug. 17, increasing Wood's exposure as broader ETF inflows stalled.
- SOL is testing $76 resistance, while the cited chart setup points toward $83 if the token closes above that level.
- Solana DeFi TVL has fallen to $4.85 billion as stablecoin value and network liquidity also declined.
Cathie Wood ETF
ARK Invest added 7,115 shares of the 3iQ Solana Staking ETF on Aug. 17, according to an ARK trade tracker cited by CoinGape. The firm bought 3,830 shares through ARKW and another 3,285 through ARKF.
The purchase came as demand for Solana exchange-traded funds weakened, with SoSoValue data showing no new inflows since Aug. 12. However, Solana ETFs recorded $10.26 million in net inflows during the Aug. 10-14 week, the strongest weekly result cited in the report.
SOL rose about 0.98% to $76 as trading volume increased 25% to roughly $1.38 billion.
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Solana Price Setup
CoinGape market analyst Muthoni Mary identified a cup-and-handle pattern on the daily chart, with $76 acting as the level SOL needs to clear on a closing basis. A confirmed move above resistance could open an 8.9% advance toward $83, while a relative strength index reading of 53 pointed to modest bullish momentum.
The resistance has repeatedly held. SOL had not closed above $76 since Jul. 20, and another failed attempt could send the token toward the lower Bollinger Band near $72 before buyers try again.
DeFiLlama data showed TVL measured in SOL falling from 75 million on Jun. 7 to 63.84 million, while total DeFi TVL across blockchains dropped from $114 billion to $75 billion.
The broader decline shows Solana was not alone in losing locked capital.
Earlier this summer, Solana carried more dollar-denominated liquidity, with TVL at $8.19 billion and stablecoin market capitalization reaching $16.4 billion on Jul. 25. By Aug. 18, those figures had fallen to $4.85 billion and $15.3 billion, framing the latest $76 price test against a weaker on-chain base.
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