Spot Solana ETFs posted their strongest flow streak since February as investors brace for a potential move toward $120 for SOL.
Spot SOL ETFs raised more than $39 million Net inflows Over the past week, a period in which futures market activity has spiked, revealing that both traditional investors and cryptocurrency traders are increasingly placing bets on Solana’s next move higher.
Solana’s native token is up nearly 15% over the past seven days, and is trading near $97. The upward move is being fueled by consistent ETF flows, increased derivatives positions, and improving technical momentum – factors that are working together to restore the upside after months of depressed price action.
ETF flows and futures activity are fueling bullish sentiment
The ETF inflows are seen as a major sign of growing institutional interest in Solana. Analysts point out that the continued inflows during recent sessions indicate that large investors are gradually increasing their exposure to the assets.
The latest flow momentum came from Bitwise’s BSOL ETFwhich witnessed net inflows of approximately $36 million over the past week. Fidelity’s FSOL ETF has raised a new round of more than $1.8 million in new capital.
BSOL has received over $861 million in inflows since launch (over 81% of the Solana ETF’s current inflows). There are approximately $1.06 billion of cumulative flows across SOL spot ETFs. The ETF’s momentum is also supported by increased activity in the derivatives market. Solana futures Open interest It rose to $6.4 billion from $4.94 billion on May 1.
There was an increase in combined spot cumulative volume delta (CVD), with the spread between buy and sell orders rising to nearly $250 million from $163 million over five days, as SOL moved towards the $96 level.
Meanwhile, CVD futures rose to around $593.6 million after steady growth from May 5 onwards. Analysts point out that this will indicate that buyers continue to buy on sell-side liquidity, and that in a volatile time, bullish traders are present.
Funding rates also remained positive at around 0.065%, indicating that traders are still willing to pay premiums to maintain long futures positions.
Why are traders watching the $120 level?
It is common for technical analysts to describe a double-structured base forming on higher time frame charts. This trend is therefore seen as a bullish reversal signal, especially after long downtrends. With a confirmed breakout, analysts believe the chart structure could pave the way for a move to the $120 region.
Then the technical setup becomes meaningful again, as Solana recently broke the 100-day EMA for the first time since October 2025. Traders generally consider this indicator a sign that market momentum may be returning to buyers.
Analysts are also observing little, if any, resistance between the $95 and $120 levels since Solana’s sharp 42% correction earlier this year. This may accelerate price movement if buying pressure continues. But short-term momentum is starting to soften, towards the $95 to $96 range.
Over the past 24 hours, spot buying activity and trading volume have stabilized, suggesting that traders are waiting for confirmation before raising prices.
Some analysts say Solana’s recent rally against Bitcoin could support further upside. SOL recently broke out of a 231-day downtrend on the daily chart of SOL/BTC, said a popular cryptocurrency analyst. Batman. This breakout, according to the analyst, indicates that relative strength is improving against Bitcoin.
If Solana faces a short-term pullback, the analyst has identified the $89-91 area as the closest support area. If it holds above that area, it may be worth maintaining the bullish momentum and further consolidating the ongoing bullish case. Institutional demand through ETFs also emerges as a prominent pillar of Solana’s market structure.
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