Key Takeaways
Solana surged nearly 15% last week as spot SOL ETFs attracted $39.23 million in inflows—the strongest since January.
The rally pushed SOL above $95 on Monday, backed by institutional demand, improving on-chain activity, and rising derivatives participation.
Metrics show cooling spot and futures conditions with buy-side dominance, positive funding rates, and surging open interest, all pointing to sustained bullish momentum.
Institutional Demand Drives SOL Past $90
Institutional interest in Solana intensified last week, with spot Solana ETFs seeing net inflows of $39.23 million per CoinGlass data. This marked the highest weekly inflow since mid-January, reflecting renewed investor confidence.
Such inflows signal potential near-term upside for SOL, as continued capital entry could bolster price stability amid broader market volatility.
On-chain and derivatives data further support this outlook. CryptoQuant indicates cooling across spot and futures markets, yet buy-side dominance prevails in futures—a setup historically linked to further gains.
Sentiment has shifted positively from prior weeks, even as some metrics stay neutral. In derivatives, Solana's funding rates flipped positive on Sunday, reaching 0.0067% by Monday, meaning longs now fund shorts.
This shift has preceded strong SOL rallies in the past. Open interest in Solana futures climbed to $6.46 billion on Monday from $4.83 billion on May 5, per CoinGlass, indicating fresh capital inflows and heightened trader engagement since early May.
Solana Technical Outlook: Bulls Eye $100 Psychological Barrier
The SOL/USD 4-hour chart displays bullish structure following the recent rally. SOL trades above the 100-day EMA at $93.87 and 50-day EMA at $87.51, solidifying the uptrend.
Momentum backs this view: RSI at 69 shows strength without overextension, while MACD stays positive and rising.
Sustained momentum targets resistance at the 38.2% Fibonacci retracement of $98.53. A daily close above could unlock $108.12–$110.62, where the 50% retracement meets the 200-day EMA.
Further hurdles lie at $117.71 and $120.00, with an extended move possibly hitting the 78.6% retracement near $131.35.
On downside, correction risks find support at $92.11 (prior channel resistance), then the 100-day EMA at $93.87 and 50-day EMA at $87.52. Breaches could test $86.67, the channel floor at $77.12, or cycle lows around $67.50.
