Solana ETF Inflows Surge as Traders Target $120 Rally
Solana exchange-traded funds (ETFs) have recorded their strongest weekly inflow since February, attracting $39.23 million in net flows. This surge in institutional demand coincides with a significant rise in derivatives market activity, where Solana futures open interest increased by nearly 30% to $6.4 billion in May. Bitwise’s BSOL ETF led the capital influx with $36 million, accounting for the majority of cumulative inflows across all spot SOL ETFs. Concurrently, Solana’s price rallied 15% to $97 over the past week, driven by strong buying pressure in both spot and futures markets. Technical indicators suggest further upside potential, with traders eyeing the $120 resistance level. The cryptocurrency recently broke above its 100-day exponential moving average and formed an Adam and Eve pattern near the $95 zone. Analysts note that a confirmed daily close above $95 could validate this bullish setup, potentially leading to a breakout toward $120 due to limited intermediate resistance. Additionally, Solana has shown improving relative strength against Bitcoin after breaking a long-term downtrend, signaling renewed market confidence and positioning for a possible sustained rally.
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Solana ETF Inflows Surge as Traders Target $120 Rally
Solana exchange-traded funds (ETFs) have recorded their strongest weekly inflow since February, attracting $39.23 million in net flows. This surge in institutional demand coincides with a significant rise in derivatives market activity, where Solana futures open interest increased by nearly 30% to $6.4 billion in May. Bitwise’s BSOL ETF led the capital influx with $36 million, accounting for the majority of cumulative inflows across all spot SOL ETFs. Concurrently, Solana’s price rallied 15% to $97 over the past week, driven by strong buying pressure in both spot and futures markets. Technical indicators suggest further upside potential, with traders eyeing the $120 resistance level. The cryptocurrency recently broke above its 100-day exponential moving average and formed an Adam and Eve pattern near the $95 zone. Analysts note that a confirmed daily close above $95 could validate this bullish setup, potentially leading to a breakout toward $120 due to limited intermediate resistance. Additionally, Solana has shown improving relative strength against Bitcoin after breaking a long-term downtrend, signaling renewed market confidence and positioning for a possible sustained rally.
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