- SOL spot ETFs pulled $6.67M in daily inflows on May 7, total net assets at $937.82M
- CLARITY Act Senate markup scheduled for next Wednesday, self-custody protections intact
- SOL trades inside a rising wedge on the daily, pressing against the 0.382 Fib at $90.65
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
