The spot Solana (SOL) exchange-traded funds (ETFs) recorded their strongest weekly performance since February, attracting $39.23 million in total net flows. The surge in capital inflows coincided with SOL futures open interest rising by $1.5 billion in May, signaling a sharp increase in trader positioning across the derivatives markets.
The rise in market activity comes alongside Solana’s 15% rally to $97 in the past seven days, with traders targeting the next major resistance level at $120.
SOL ETF demand rises with futures interest
Bitwise’s BSOL ETF led the latest inflow wave with $36 million in weekly net inflows last week, while Fidelity’s FSOL added over $1.8 million. Since its launch, BSOL has attracted $861 million, accounting for nearly 81% of cumulative inflows across all spot SOL ETFs, which now total about $1.06 billion.
Spot SOL ETF netflows. Source: SoSoValue
Futures activity rose alongside the ETF demand. Solana open interest (OI) climbed to $6.4 billion from $4.94 billion on May 1, marking a 29.5% increase in less than two weeks.
Aggregated spot cumulative volume delta (CVD), which measures the net difference between market buy and sell orders, climbed to nearly $250 million from $163 million in five days, during SOL’s push toward $96.
The futures CVD expanded to about $593.6 million after rising steadily from May 5 onward, as buyers absorbed sell-side liquidity in both the spot and futures markets.
SOL price, aggregated open interest, spot, and futures CVD and funding rate. Source: velo.chart
The funding rate held near 0.065%, indicating traders continued to pay to maintain long exposure. The buying activity has started to flatten near the $95-$96 range as spot and volume deltas have cooled over the past 24-hours.
Related: South Korea crypto holdings halve in a year as investors turn to stock market
Solana eyes a breakout: Is $120 next?
Solana is forming an Adam and Eve pattern near the $95 resistance level, with the setup’s neckline directly at the current breakout zone. A confirmed move above that level places the technical target near $120.
An Adam and Eve pattern on the higher time frame chart could signal a bottom for SOL if price successfully turns the $95 resistance level into support.
SOL/USDT, one-day chart. Source: Cointelegraph/TradingView
SOL also pushed above its 100-day exponential moving average for the first time since October 2025, adding another technical shift to the mix alongside ETF inflows and rising futures positioning.
A confirmed daily close and consolidation above $95 could open the path toward the pattern’s projected target near $120, due to a lack of resistance sitting between the two levels after the 42% dip in February.
Crypto analyst BATMAN noted that Solana recently broke above a 231-day downtrend on the SOL/BTC daily chart, signaling improving relative strength against Bitcoin. According to the analyst, the $89-$91 zone now acts as the nearest support cluster and a likely retest region if SOL holds above the breakout area.
SOL/USDT, one-chart analysis by BATMAN. Source: X
Related: XRP metrics line up bull signals for ‘full-scale rally’ to $2
