Solana Price Rises on Strong Demand
Solana (SOL) price rose nearly 2% on Monday. This added to gains of more than 4% the previous day. The price bounced back from the key $150 level. This shows strong buyer interest. Daily net inflows into US spot Solana ETFs confirm this demand. Retail traders are also increasing their bets on Solana futures. They expect prices to rise further. However, some technical indicators warn that a past support level now acts as resistance. This could slow down the price recovery.
Steady Institutional and Retail Support for Solana
- US spot Solana ETFs had nine straight days of net inflows by Friday.
- Total inflows reached $136.50 million last week.
- More ETF inflows could further boost Solana prices.
- The wider crypto market rallied on news that the US government may reopen soon.
- The US Senate voted 60-40 for a temporary funding bill.
- The bill now awaits approval from the House and President Trump’s signature.
- However, lower daily inflow amounts may signal reduced institutional demand soon.
Solana futures are also seeing higher interest. CoinGlass data shows the open interest rose 3.47% in 24 hours to $7.80 billion. This means traders are opening more long positions or using higher leverage. Short positions are being liquidated faster than long ones. Short liquidations totaled $9.70 million, exceeding $2.23 million in long liquidations. This points to a decline in bearish bets.
Technical Outlook: Can Solana Reach $200?
Solana’s price formed its second bullish daily candle in a row. The rise started from the $155 support on Sunday. Now, SOL aims to break the $175 zone and a downward trendline. A clear close above $175 could lead to testing the 200-day EMA near $185. The next target is the $200 mark.
Technical indicators support the ongoing recovery. The Relative Strength Index (RSI) climbed to 41 from oversold levels. This shows less selling pressure. The MACD is close to crossing above its signal line, which could confirm stronger bullish momentum.
If the rally loses strength, the $155 support zone may come under pressure again. This would put the recent price gains at risk.
