Key Takeaways
What’s driving Solana’s recent bullish momentum?
Strong institutional inflows into newly launched spot ETFs and a bounce from key support levels are fueling the rally.
Could Solana’s price continue rising in the near term?
If ETF inflows persist and technical indicators hold, SOL could push toward the $200 psychological barrier.
Solana’s [SOL] institutional demand is heating up again. The U.S.-listed Solana spot ETFs recorded $9.7 million in inflows over the last 24 hours, marking another strong session for the newly launched funds.
According to the latest reports from Farside, BitwiseInvest’s BSOL raised $7.5 million, while Grayscale’s $GSOL raised $2.2 million.
The two major Solana spot ETFs have attracted a combined $294 million in inflows since their debut, which is a remarkable start for a non-Bitcoin and non-Ethereum crypto ETF.
Source: Farside
Solana technical indicators also point to potential bullish momentum continuation.
On the daily price chart, Solana’s bullish run was gaining some momentum. The bullish momentum came just after the token price bounced off from a key support zone at around $150.
The bounce coincides with today’s ETF inflows, hinting that institutional accumulation may be cushioning price weakness.
At the same time, the token’s Stochastic RSI was just bouncing from an oversold region, at press time, indicating that the altcoin’s bullish momentum may continue for a while.
The alignment of Solana’s positive on-chain and technical indicators solidifies the bullish bias.
Source: TradingView
Solana on-chain metrics indicate an increased volatility
Zooming into the derivatives market, Solana’s Funding Rate sat at -0.179 at press time. This negative rate indicates that long-position holders are paying to keep their positions open, signaling strong conviction and adding to the token’s bullish bias.
At the same time, aggregated short liquidations have spiked to $2.636 million in the past 24 hours, according to Coinalyze. This suggests that short sellers are being squeezed as prices rebound, often a precursor to further upside.
Together, the negative Funding Rate and rising short liquidations may signal the early stages of a sentiment shift, as bearish traders begin to exit their positions.
Source: Coinalyze
Will institutional inflows sustain the bullish push?
The big question among Solana investors and traders now is whether Solana could turn this institutional support into sustained price growth.
If inflows continue at this pace, the network could see renewed bullish energy heading into November, particularly if the broader crypto market stabilizes.
On the daily chart, the impacts are evident as SOL’s price is accumulating bullish momentum, with $200 as the next psychological barrier.
