Solana Price Nears Breakout at $131
Solana (SOL) price is above $131 as of Monday. It is close to breaking out from a falling wedge pattern. Bulls aim to push the price above $160 soon.
Strong Institutional Demand for Solana ETFs
Since the launch on October 28, institutional interest in Solana exchange-traded funds (ETFs) has grown steadily. SoSoValue reports weekly net inflows into spot Solana ETFs. Total assets under management (AUM) reached $907.18 million on Monday. This shows that institutions are buying dips, expecting price gains in the future.
On the derivatives side, CoinGlass shows a long-to-short ratio of 1.07 for SOL—the highest in over a month. A ratio above one reflects bullish market sentiment as traders bet on price rise.
Technical Outlook: Possible Price Rally or Correction
Solana price has moved within a falling wedge pattern since early October. It now sits near the pattern’s upper boundary. A breakout above this level could lead to a rally toward $160 resistance.
The Relative Strength Index (RSI) on the daily chart is 42, trending up toward 50. This suggests weakening bearish momentum. For a strong rally, RSI must climb past the neutral 50 level.
If prices fall instead, Solana could test the November 21 low of $121.66.
