Solana Price Rises Nearly 5% After Doji Candle
Solana (SOL) rose almost 5% on Monday. This came after a Doji candle formed on Sunday. Data from derivatives markets shows a rise in Solana’s funding rate. This means fewer traders want to bet on the price dropping. At the same time, Solana-focused Exchange Traded Funds (ETFs) saw their sixth week of inflows. This shows steady interest from institutional investors.
Solana Futures and ETF Inflows Show Steady Demand
- Solana’s futures Open Interest stayed above $7 billion on Monday.
- The funding rate rose from -0.170% on Sunday to -0.0018% on Monday.
- A positive funding rate would show more confidence from buyers.
- ETF inflows slowed to $20.30 million last week from $108.34 million the week before.
- Despite the slowdown, Friday’s inflow of $15.68 million kept a six-week streak alive.
Solana Nears Key Resistance at $140
Solana traded between $121 and $127 on Monday. It targets a resistance trendline near $140 from October highs. A daily close above $140 could confirm a bullish breakout.
However, Solana faces resistance from its 50-day and 200-day Exponential Moving Averages (EMAs). These are around $153 and $173.
Technical indicators point to a positive shift:
- The Relative Strength Index (RSI) at 45 shows a move from bearish to neutral.
- The MACD is trending upward, but a crossover could signal renewed bearish pressure.
If Solana falls below $121, bears may target the April low near $95.
