Solana eyes $100 as spot SOL ETF inflows hit January highs
Solana (SOL) is trading just above $95 after a nearly 15% rally over the past week. The move is being supported by strong institutional demand: spot SOL ETFs recorded $39.23 million in net inflows, the strongest weekly level since mid-January.
On-chain and derivatives data also point to constructive momentum for Solana. CryptoQuant shows cooling conditions in both spot and futures, while buy-side dominance in futures suggests further upside risk remains. In derivatives, SOL funding rates flipped positive before rising to 0.0067% on Monday—an indicator that long traders are paying shorts to maintain positions. Futures open interest climbed to $6.46 billion on Monday from $4.83 billion on May 5, implying fresh capital and rising participation.
Technically, SOL is holding above the 100-day EMA ($93.87) and the 50-day EMA ($87.51). Momentum is strong but not yet extreme: RSI is 69 and MACD remains positive. If SOL clears resistance near $98.53, bulls could target $108.12–$110.62. Support is clustered around $92.11, then the 100-day EMA and 50-day EMA; losing them could open a move toward $86.67 and lower.
Bullish
The core driver in this report is Solana’s renewed institutional bid via spot SOL ETF inflows, with $39.23M net inflows—the strongest since mid-January. Historically, when ETF flows re-accelerate alongside improving futures positioning, SOL-type momentum tends to extend rather than fade quickly.
Here, Solana’s derivatives confirmation is also clear: funding rates turned positive (longs paying shorts) and open interest rose sharply, which usually signals that new capital is building bullish exposure instead of just short covering. Technically, SOL holding above the 50D/100D EMAs and RSI around 69 supports a momentum regime.
Short term, this setup often attracts trend-following and can push price toward the $98.53 resistance and then $108–$111. Long term, sustained ETF inflows could keep demand steady, but if inflows slow or funding/OI unwind, Solana could revert to the next support bands (around $92, then $86.7), limiting upside.
Overall, the combination of ETF inflows + positive funding + rising OI points to a bullish bias for Solana, with downside risk mainly triggered by momentum exhaustion or a reversal in inflow/derivatives metrics.