Interest in Solana is rising again. Spot ETFs for SOL recorded the largest weekly capital inflow since February, and open interest in futures grew by nearly $1.5 billion in less than two weeks.
Against this backdrop, Solana rose about 15% over the week and approached a key resistance zone around $95–97. Traders are increasingly discussing a move toward $120.
Bitwise Remains the Main SOL Buyer
The main volume of new investments went to the BSOL fund from Bitwise. Over the week, the ETF attracted about $36 million. The Fidelity FSOL fund added another approximately $1.8 million. In total, the net inflow into all spot Solana ETFs reached $39.2 million.
Since its launch, BSOL has already attracted about $861 million. This is almost 81% of the total investments in all SOL ETFs, whose volume has exceeded $1 billion.
Derivatives Market Sees Sharp Revival
Along with the growth in ETF demand, activity in the futures market has intensified. Open interest in SOL contracts rose from about $4.9 billion at the beginning of May to $6.4 billion. An increase of almost 30% in a short period shows that traders are actively increasing their positions.
This is an important signal for the market. Usually, such an expansion of open interest accompanies periods of strong movement formation.
Buyers Also Dominate Spot Market
Additional confirmation of growth came from the spot market. The cumulative volume delta indicator, reflecting the difference between market buys and sells, rose from about $163 million to $250 million in just a few days.
In the futures market, the CVD indicator rose even higher — to about $594 million. This means that buyers actively absorbed sellers’ offers both in spot and derivatives.
Funding Rate Remains Positive
The funding rate for futures is holding around 0.065%. Traders continue to pay to hold long positions, indicating a continued bullish mood. However, activity began to slow slightly around $95–96.
This may indicate local profit-taking after rapid growth. Nevertheless, the market structure remains stable for now.
Solana Tries to Confirm Reversal
The technical picture has also become noticeably stronger. On the daily chart, SOL is forming an Adam and Eve pattern near the $95 resistance zone. If it confidently consolidates above this level, the technical target shifts to around $120.
This is an important level for the market. One of the sharpest declines in February started from there.
SOL Returns Above 100-Day EMA
An additional bullish signal was Solana breaking above the 100-day exponential moving average. The last time SOL traded above this line was back in October 2025.
For technical traders, this is considered an important change in trend structure. Now the market will watch to see if the price can turn the $89–91 range into solid support.
SOL Strengthens Against Bitcoin
Analysts are also paying attention to the SOL/BTC chart. According to several traders, Solana recently broke a downtrend that had lasted more than 230 days. This indicates a gradual return of relative strength against bitcoin.
This signal is especially important for altcoins. During strong growth phases, BTC pairs often show a change in market leadership.
ETFs Become New Factor for Solana
Previously, SOL’s dynamics mainly depended on retail traders’ activity and the DeFi ecosystem. Now the market structure is changing. Spot ETFs are gradually forming institutional demand, as previously happened with bitcoin.
While the scale of the SOL ETF market is still significantly behind BTC funds, the growth rate shows increasing interest from large investors.
Market Again Discusses Altseason Scenario
Solana’s strengthening comes amid a gradual return of interest in major altcoins. After a long period of bitcoin dominance, some capital is starting to seek more aggressive assets with high growth potential.
Solana remains one of the main candidates for this role thanks to high liquidity, an active ecosystem, and growing institutional interest.
What Comes Next?
The key zone for the market remains the $95–97 range. If Solana can consolidate above it, the scenario of a move to $120 will become much more realistic.
At the same time, the market already looks overheated on short timeframes after rapid growth in open interest and ETF inflows. Therefore, the probability of local pullbacks remains high.
For now, SOL’s structure looks among the strongest of the major altcoins. However, further movement will largely depend on the overall state of the crypto market and bitcoin’s ability to hold current levels.
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