Solana ETF Income Hits February High: Is $120 Next?
Spot Solana (SOL) exchange-traded funds (ETFs) posted their strongest weekly performance since February, attracting $39.23 million in total net inflows. Capital inflows increased with SOL futures open interest rising by $1.5 billion in May, reflecting a sharp increase in traders' positions in volatile markets.
The increase in market activity comes with Solana's 15% rally to $97 over the past seven days.
Interest in the SOL ETF increases with future interest
Bitwise's BSOL ETF led the latest wave of gains with weekly net gains of $36 million. last weekWhile Fidelity's FSOL increased by more than $1.8 million. BSOL has attracted $861 million since its inception, accounting for nearly 81% of the total inflows of all SOL ETFs, which now total $1.06 billion.
Spot SOL ETF net flows. Source: SoSoValue
Futures activity has increased with demand for ETFs. Solana open interest (OI) rose to $6.4 billion from $4.94 billion on May 1, a 29.5 percent increase in less than two weeks.
Consolidated Spot Cumulative Volume Delta (CVD), which measures the net difference between the market's buy and sell orders, rose from $163 million to nearly $250 million in five days, as SOL pushed to $96.
After a series of gains since May 5, CVD futures rose to $593.6 million, as buyers absorbed sell-side liquidity in the spot and futures markets.
SOL price, total open interest, position and future CVD and funding rate. Source: velo.chart
Funding held close to 0.065% continues to pay traders to maintain long-term exposure. As spot and volume deltas have cooled in the last 24-hours, the buying activity has started collapsing around $95-$96.
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Solana Eye Splitter: Is $120 Next?
Solana holds the Adam and Eve pattern at the $95 resistance level, with the neckline of the set directly at the current breakout zone. A confirmed move above that level puts the technical target around $120.
The Adam and Eve pattern on the higher time frame may indicate a SOL bottom sign where the price has turned the $95 resistance level into support.
SOL/USDT, one day chart. Source: Cointelegraph/TradingView
SOL pushed above its 100-day exponential moving average for the first time since October 2025, adding another technical reversal on the side of ETF gains and increasing futures positions.
A confirmed daily close above $95 and consolidation could pave the way to the pattern target near $120, as there is no shortage of resistance sitting between the two levels after the 42% decline in February.
Crypto analyst BATMAN It is mentioned Solana recently broke above the 231-day low on the SOL/BTC daily chart, which would improve relative strength against Bitcoin. According to the analyst, the $89-$91 zone now acts as a close support cluster and a retestable range if the SOL holds above the breakout area.
SOL/USDT, a chart analysis by BATMAN. Source: X
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