|
Getting your Trinity Audio player ready...
|
- Solana ETFs recorded $9.7M inflows in 24 hours, totaling $294M since launch.
- SOL price rebounded from $150 support; technicals suggest continued bullish momentum.
- Derivatives data shows short squeezes and strong long-position conviction.
Solana [SOL] is once again capturing institutional attention. U.S.-listed Solana spot ETFs recorded $9.7 million in inflows over the past 24 hours, highlighting continued demand for the network’s token. BitwiseInvest’s BSOL led the charge with $7.5 million, while Grayscale’s $GSOL added $2.2 million, according to Farside reports. Since their debut, these two ETFs have amassed $294 million, a striking figure for a non-Bitcoin and non-Ethereum crypto fund.
Technical Indicators Signal Bullish Momentum
SOL’s daily chart shows the token bouncing off a key support level near $150. The rebound aligns with ETF inflows, suggesting that institutional buying may be providing a safety net for price weakness. Additionally, the Stochastic RSI recently emerged from oversold territory, reinforcing the potential for further upward momentum. Combined with positive on-chain metrics, the technical signals point toward a continued bullish trend.
Also Read: Solana ETF Inflows Surge $421M as Whales Buy Amid Market Dip
Derivatives Market Shows Conviction
Solana’s derivatives market also hints at growing bullish sentiment. The token’s Funding Rate currently sits at -0.179, indicating long-position holders are paying to maintain exposure—an unusual sign of strong conviction. Meanwhile, aggregated short liquidations reached $2.636 million in the past day, suggesting short sellers are being squeezed as prices rebound. Such activity often precedes extended price rallies.
Outlook: Can Institutional Inflows Sustain the Rally?
Investors are now watching to see whether institutional interest can translate into sustained growth. If inflows persist and the broader crypto market remains stable, Solana could extend its bullish momentum toward the next psychological target at $200. While volatility remains a factor, current trends favor cautious optimism for SOL holders heading into November.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
