Solana's (SOL) resurgence gained momentum this week as the cryptocurrency witnessed its most robust exchange-traded fund (ETF) inflows since February. Totaling $39.23 million, the influx of capital coincided with a sharp increase in SOL futures open interest, which surged nearly 30%, painting a bullish picture for traders eyeing a potential push to $120.
In an impressive show of market recovery, Solana's price rallied 15% over the past week, reaching $97 as traders targeted the pivotal resistance level at $120. This revitalization in interest comes as Solana ETFs deliver a powerful affirmation of demand within the altcoin market.
The standout performer in this wave of inflows was Bitwise’s BSOL ETF, which attracted $36 million, while Fidelity’s FSOL added $1.8 million. Since its launch, BSOL has garnered an impressive $861 million, representing approximately 81% of total Spot SOL ETF inflows, which now amount to about $1.06 billion.
Accompanying this ETF enthusiasm is a noticeable rise in Solana's futures market activity. Open interest for SOL futures escalated to $6.4 billion from $4.94 billion at the beginning of May, evidencing a 29.5% increase in less than two weeks. Moreover, the aggregated spot cumulative volume delta, reflecting net trading activity, jumped from $163 million to nearly $250 million in the same period, further highlighting heightened market engagement.
As traders sustain long positions, the funding rate has remained stable near 0.065%, indicating sustained confidence. However, recent data suggests buying pressure may be plateauing in the $95-$96 range, as spot and volume deltas exhibit signs of cooling off.
Analyzing technical patterns, SOL appears to be forming an Adam and Eve pattern near the crucial $95 resistance level, a move that could signify the cryptocurrency's potential breakout. Should SOL successfully convert this resistance into support, analysts forecast a target nearing $120, given the absence of significant barriers in that range following a 42% price decline earlier this year.
Adding to the encouraging outlook, Solana has contemporaneously breached its 100-day exponential moving average for the first time since October 2025. A definitive daily close above $95 could ignite path-clearance towards the projected target of $120.
Additionally, crypto analyst BATMAN pointed out that Solana has recently broken above a 231-day downtrend against Bitcoin, indicating a resurgence of relative strength. The region between $89-$91 has now transitioned into a crucial support zone for SOL, marking a likely retest area should it uphold its position above the breakout zone.
As the markets invigorate and traders reengage, all eyes remain firmly fixed on whether Solana can sustain this upward trajectory, ultimately setting the stage for the anticipated $120 milestone in the near future.
