Solana Dips Below $160 as ETF Inflows and On-Chain Activity Rise

Solana (SOL) slid 4% overnight to $159.90 after consolidating near $160 following a brief high of $167 earlier in the week. Futures open interest climbed 15% to $8.8 billion, signaling sustained investor demand. On-chain fundamentals remain strong: transaction volume rose 27% to over 596 million, active addresses increased 5% to 25.5 million, and network fees grew 24% to $7.3 million. In the past 18 hours, the BONK ecosystem and the new Pump.fun (PUMP) token generated over $1.2 billion in volume, boosting network liquidity. Solana staking ETFs have seen significant inflows: the REX-Osprey SOL + Staking ETF has gathered over $77 million since launch and currently holds $73 million AUM with daily flows of $10 million. Technical indicators present mixed signals: SOL trades within a large symmetrical triangle near its 50-day and 200-day EMAs, the hourly MACD is bearish, and the RSI is neutral around 55, with support levels at $158 and $155 and resistance at $162 and $168. A breakout above the triangle’s upper boundary or approval of US spot SOL ETFs—Bloomberg estimates a 90% chance by 2025—could reignite bullish momentum toward $200 and longer-term targets of $500–$1,000, while a daily close below $155 may signal further downside.