Solana’s price climbed by nearly 15 percent over the past week, reaching $97, as spot Solana ETFs demonstrated their strongest weekly performance since February. These ETFs saw net inflows totaling $39.23 million, reflecting robust investor appetite. This activity also triggered a significant uptick in the derivatives market, with Solana futures open interest surging by $1.5 billion in May. The data points to investors taking more aggressive positions in Solana’s derivatives markets.
Marked rise in ETF inflows
Among all Solana ETFs last week, Bitwise’s BSOL ETF attracted the largest share of capital. The fund recorded net weekly inflows of $36 million alone, while Fidelity’s FSOL ETF added another $1.8 million. BSOL’s total volume has now reached $861 million, accounting for 81 percent of all inflows into Solana ETFs. The combined volume of all spot Solana ETFs now stands at $1.06 billion.
The growing interest in ETFs also spilled over into the futures market. Open interest climbed from $4.94 billion on May 1 to $6.4 billion within two weeks, amounting to a 29.5 percent increase. This boost in trade volumes suggests that buyers are willing to take greater risks. The cumulative spot trading volume also spiked, with Cumulative Volume Delta (CVD) data showing an increase from $163 million to approximately $250 million over just five days.
Technical indicators and price volatility
Rising trading volumes and price movement in both Solana’s spot and futures markets are generating key technical signals. Last week, the price of SOL pushed above its 100-day exponential moving average, reaching its highest technical level in eight months. Coupled with heightened ETF interest, this technical landscape is fueling bullish outlooks for Solana.
An “Adam and Eve” pattern is forming around Solana’s $95 level. If the price breaks through and holds above this resistance, a technical target of $120 could come into play.
In the futures market, the funding rate hovered around 0.065 percent, indicating that investors are still paying a premium to maintain long positions. Despite this momentum, both spot and volume values have shown some sideways movement in the last 24 hours.
Analyst outlook and resistance levels
Technical analysts highlight the $95 resistance as critical for Solana’s price trajectory. Should this level be breached in the medium term, the next target is expected to be $120. The formation of the Adam and Eve pattern, along with prices moving above the 100-day moving average, provides further evidence of upward momentum. Analysts also note that, following February’s sharp 42 percent drop, there is little significant resistance between $95 and $120.
According to crypto analyst BATMAN, Solana has broken its 231-day downtrend versus Bitcoin (SOL/BTC pair). In BATMAN’s view, the $89–$91 range now serves as the key short-term support, and as long as SOL remains above this band, the path is open for new gains.
Market experts add that the convergence of rising volumes and technical signals is intensifying buying pressure on Solana. If daily closes and price consolidations consistently occur above $95 in the coming days, the technical target of $120 gains further validity.
This latest momentum in spot and derivatives purchases signals renewed confidence in Solana, as new capital continues to flow into the market.
