Solana pushed its recovery further this week, jumping around 11% to sit near $81 after a quick spike past $82. A bunch of network updates helped spark the rally, mostly driven by heavier on-chain traffic, big money moving in, and some fresh governance moves that got investors excited again.
Institutional interest gained momentum after Securitize tokenized $295 million worth of New York Stock Exchange-listed common stock on Solana following its SPAC debut. At the same time, the Solana Foundation introduced its Governance Proposals framework, establishing a formal on-chain validator voting system that expands governance capabilities across the network.
Network usage also reached new milestones. Solana processed more than one billion weekly non-vote transactions for the first time, while tokenized asset spot trading volume climbed to a quarterly record of $5.77 billion. These figures highlight the network's expanding role in real-world asset tokenization.
Investor demand remained steady as spot Solana ETFs attracted roughly $5.75 million in net inflows, even as several other cryptocurrency investment products continued to record capital outflows.
From a technical perspective, Solana has recovered from its June decline after buyers defended the long-term support zone near $73, which aligns with the 0.786 Fibonacci retracement level. The price has since reclaimed the previous breakdown area around $80.14 and is attempting to establish it as a new support level.
Momentum indicators have strengthened alongside the recovery. The daily Relative Strength Index (RSI) has climbed above 62 after rebounding from oversold conditions, while the Supertrend indicator continues to signal bullish momentum with dynamic support near $69.60.
A sustained move above the $83 resistance level could open the path toward $90. However, if SOL fails to hold above $80, the price may revisit support around $75.40.
Shorter-term indicators also remain constructive. On the four-hour chart, Solana continues trading above its 20-, 50-, 100- and 200-period moving averages, with the 20-period simple moving average near $81.40 providing immediate support. Although the Aroon indicator continues to favor buyers, a slight decline in Aroon Up suggests bullish momentum has moderated as the market awaits another catalyst.
Michael Coates announced on X that he has joined the Solana Foundation as its Chief Information Security Officer (CISO), where he will oversee security initiatives as institutional adoption continues to expand.
Explaining his decision, Coates said Solana now processes tens of billions of dollars in daily stablecoin volume while handling more transactions each day than much of the broader cryptocurrency industry combined. He also highlighted the network's growing tokenization activity, including the launch of tokenized SpaceX shares.
Coates brings extensive cybersecurity experience to the role. He previously served as Head of Security at Mozilla during the browser competition era and later became Twitter's first Chief Information Security Officer as the platform expanded globally. He subsequently founded enterprise security company Altitude Networks, which entered the digital asset sector after its acquisition by CoinList.
At the Solana Foundation, Coates said his priorities include strengthening operational security, improving application security practices and addressing risks unique to digital assets. He also plans to work with policymakers and industry standards organizations on cybersecurity regulations affecting the crypto sector.
Discussing the evolving threat landscape, Coates noted that attackers remain highly motivated to target digital assets while the misuse of artificial intelligence continues to introduce new security challenges. At the same time, he said AI can significantly improve defensive capabilities when deployed effectively, referencing his congressional testimony on the subject earlier this year.
Read More: SOL Trading Surface Tease Fuels Market Buzz as Network Hits Milestones
This hiring is part of a larger pattern where crypto firms snap up veterans from tech, cybersecurity and regulatory bodies to match the influx of Wall Street capital. We saw the exact same play last year when Sygnum brought on former CFTC Chairman Christopher Giancarlo as a senior policy advisor to steer their regulatory and international scaling strategies.
Solana price strengthened as institutional adoption expanded, network activity reached record levels and technical indicators turned more bullish. The appointment of a new security chief also reflects the ecosystem's growing maturity. Investors will closely watch whether SOL can sustain support above $80 and break the $83 resistance.