Key takeaways
- Solana surged nearly 15% last week as spot SOL ETFs attracted $39.23 million in inflows — the strongest since January.
- Solana surged nearly 15% last week as spot SOL ETFs attracted $39.23 million in inflows — the strongest since January.
Solana (SOL) is trading just above $95 on Monday after rallying nearly 15% over the past week, with bullish momentum supported by strong institutional demand, improving on-chain activity, and rising derivatives participation.
Institutional demand pushes SOL above $90
Institutional appetite for Solana strengthened sharply last week, with spot Solana Exchange Traded Funds (ETFs) recording net inflows of $39.23 million, according to CoinGlass data.
The figure marked the strongest weekly inflow since mid-January, signaling renewed investor confidence in the asset. Continued inflows could provide additional upside support for SOL in the near term.
On-chain and derivatives metrics also point to a constructive outlook. CryptoQuant data indicates cooling conditions across both spot and futures markets while showing buy-side dominance in futures activity — a combination that often precedes further upside.
Although several metrics remain neutral, overall sentiment has improved considerably compared to previous weeks.
In the derivatives market, Solana’s funding rates turned positive on Sunday before climbing to 0.0067% on Monday, showing that long traders are now paying shorts to maintain positions.
Historically, similar flips from negative to positive funding rates have coincided with strong upward price moves for SOL.
Open Interest (OI) in Solana futures has also surged. CoinGlass data shows total OI rising to $6.46 billion on Monday from $4.83 billion on May 5.
The steady increase since early May suggests fresh capital continues to enter the market, reinforcing bullish momentum and signaling growing trader participation.
Solana technical forecast: Bulls target the $100 psychological level
The SOL/USD 4-hour chart is bullish thanks to Solana’s recent rally. SOL is now trading above both the 100-day Exponential Moving Average (EMA) at $93.87 and the 50-day EMA at $87.51, strengthening the bullish case.
Momentum indicators also remain supportive. The Relative Strength Index (RSI) sits at 69, reflecting strong but not yet overextended momentum.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator remains firmly positive and continues to rise.
If the rally persists, immediate resistance is seen near the 38.2% Fibonacci retracement level at $98.53.
A daily candle close above this resistance could open the door toward the $108.12–$110.62 range, where the 50% retracement level and the 200-day EMA converge.
Additional resistance levels stand near $117.71 and $120.00, while an extended rally could target the 78.6% retracement level around $131.35.
However, if the market undergoes a correction, immediate support sits near the former channel resistance around $92.11, followed by the 100-day EMA at $93.87 and the 50-day EMA at $87.52.
Losing these levels could expose the support near $86.67, while deeper pullbacks could revisit the channel floor around $77.12 and the broader cycle low area near $67.50.
