A direct-operated, two-way solenoid valve is disclosed. The valve balances the hydraulic flow forces acting on a poppet (24) in order to achieve fast-acting, high-flow operation. The valve has a housing (12) with the poppet (24) mounted in a main bore. The poppet (24) has a sealing end (66) with a longitudinal central bore (70) that is open at the sealing end and terminates in a pressure wall (72). A radial cross bore (74) in the poppet provides fluid communication between the central bore (70) and an outlet port (22) formed in the housing. The sealing end (66) of the poppet may contact a valve seat (82) to prevent fluid communication between an inlet port and the central bore of the poppet. The sealing end (66) of the poppet is biased into contact with the valve seat (82) to prevent fluid communication between the inlet port (20) and the central bore. An actuator (16) generating a magnetic flux path tends to move the poppet out of contact with the valve seat (82).