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Solana ETFs Recorded the Largest Inflows Since February as the Market Targets $120 SOL
Interest in Solana has strengthened again. Spot ETFs tied to $SOL recorded their largest weekly capital inflows since February, while futures open interest increased by nearly $1.5 billion in less than two weeks.
Against this backdrop, Solana gained approximately 15% over the week and approached the key resistance zone around $95–97. Traders are increasingly discussing a potential move toward $120.
Bitwise Remains the Largest Buyer of $SOL
Most of the new inflows went into Bitwise’s BSOL fund. Over the week, the ETF attracted around $36 million. Fidelity’s FSOL fund added another approximately $1.8 million. In total, net inflows into all spot Solana ETFs reached $39.2 million.
Since launch, BSOL has already attracted roughly $861 million. This accounts for nearly 81% of all investments into $SOL ETFs, whose combined assets now exceed $1 billion.
Derivatives Market Activity Surged
At the same time, activity in the futures market increased sharply. Open interest in $SOL futures contracts rose from around $4.9 billion at the beginning of May to $6.4 billion. A nearly 30% increase in such a short period suggests traders are aggressively building positions.
For the market, this is an important signal. Similar expansions in open interest often accompany the formation of strong directional moves.
Buyers Dominate the Spot Market as Well
Additional confirmation of bullish momentum came from the spot market. The cumulative volume delta (CVD), which measures the difference between market buys and sells, rose from approximately $163 million to $250 million within just a few days.
In the futures market, CVD climbed even higher — to around $594 million. This indicates that buyers were aggressively absorbing selling pressure both in spot trading and derivatives.
Funding Rate Remains Positive
The futures funding rate remains near 0.065%. Traders continue paying to maintain long positions, signaling that bullish sentiment remains intact. However, activity around the $95–96 range has started slowing slightly.
This may indicate local profit-taking following the rapid rally. Nevertheless, the overall market structure remains relatively strong.
Solana Attempts to Confirm a Trend Reversal
The technical picture has also improved significantly. On the daily chart, $SOL is forming an Adam and Eve pattern near the $95 resistance zone. If the price confidently breaks above this level, the technical target shifts toward $120.
For the market, this is a critical level. It was from this area that one of the sharpest declines in February originally began.
$SOL Moved Back Above the 100-Day EMA
Another bullish signal came from Solana reclaiming its 100-day exponential moving average. The last time $SOL traded above this level was back in October 2025.
For technical traders, this is considered an important shift in trend structure. The market will now watch whether the $89–91 range can turn into stable support.
$SOL Is Also Strengthening Against Bitcoin
Analysts are also focusing on the $SOL/$BTC chart. According to several traders, Solana recently broke a downtrend that had lasted for more than 230 days. This suggests a gradual return of relative strength against Bitcoin.
Such signals are especially important for altcoins. During strong growth phases, BTC trading pairs often reveal shifts in market leadership.
ETFs Are Becoming a New Driver for Solana
Previously, $SOL price action depended mainly on retail traders and DeFi ecosystem activity. Now, the market structure is changing. Spot ETFs are gradually creating institutional demand, similar to what previously happened with Bitcoin.
Although the scale of the $SOL ETF market remains far smaller than Bitcoin ETFs, current growth rates indicate rising interest from large investors.
The Market Is Once Again Discussing an Altseason Scenario
Solana’s strength comes amid a gradual return of interest in large-cap altcoins. After a long period of Bitcoin dominance, part of the capital is beginning to search for more aggressive assets with higher growth potential.
Solana remains one of the leading candidates for this role due to its high liquidity, active ecosystem, and growing institutional interest.
What Comes Next?
The key zone for the market remains the $95–97 range. If Solana manages to hold above it, the scenario of a move toward $120 becomes significantly more realistic.
At the same time, the market already appears overheated on lower timeframes following the rapid growth in open interest and ETF inflows. Therefore, the probability of local pullbacks remains elevated.
For now, $SOL continues to display one of the strongest structures among major altcoins. However, future movement will largely depend on the broader crypto market and Bitcoin’s ability to maintain current levels.
See also: "South Korea Expects Possible Capital Shift From Stocks Into BTC"
