Solana ETF Draws $39 Million Inflow in Single Week, Highest Since February, Futures Open Interest Surges 30%, Traders Target $120
Solana ETF sees its strongest weekly inflow since February, attracting $39.23 million with Bitwise's BSOL ETF accounting for 92% of the total. This marks a potential reversal of a six-month downtrend in monthly inflows.
Simultaneously, SOL futures open interest surged 29.5% in the first half of May, reaching $6.4 billion, indicating significant new capital entering the derivatives market. Spot buying pressure also increased, with the Cumulative Volume Difference (CVD) rising sharply.
On the fundamental side, Solana's largest-ever consensus upgrade, Alpenglow, has launched on a community testnet, aiming to drastically reduce transaction finality times. Mainnet deployment could occur next quarter.
Analysts note that after a four-month consolidation period, short-term traders have largely exited, leaving conviction holders in control of the supply. This shift in holder structure means any renewed trading volume is more likely to push prices upward. A technical Adam & Eve bottom pattern suggests a price target of $120.
However, short-term momentum has shown signs of cooling near the $95-$96 resistance level. Risks remain, including potential pressure from exchange sell orders if ETF inflows weaken again and the threat of cascading liquidations from highly leveraged positions.
marsbit05/12 03:29
