Solana ETFs recorded their strongest weekly inflows since February, attracting $39.23 million as traders positioned aggressively in derivatives markets. SOL futures open interest surged 29.5% to $6.4 billion, signaling conviction behind a potential rally to $120. The asset itself climbed 15% over seven days to $97, breaking above its 100-day exponential moving average for the first time since October 2025.

Spot ETF Demand Reshapes Solana Flows

Bitwise’s BSOL ETF led the inflow surge with $36 million in weekly deposits, while Fidelity’s FSOL captured $1.8 million. BSOL has accumulated $861 million since launch, commanding 81% of all spot SOL ETF inflows across the ecosystem. Total cumulative inflows into spot SOL ETFs now stand at $1.06 billion. This concentration underscores Bitwise’s dominance in the Solana ETF space and reflects sustained institutional appetite for direct SOL exposure through regulated vehicles.

Derivatives Market Confirms Rally Thesis

SOL futures open interest expanded by $1.5 billion in May alone, reaching $6.4 billion on May 1 before climbing further. Cumulative volume delta (CVD) in spot markets rose to $250 million from $163 million five days prior, while futures CVD reached $593.6 million. The funding rate stabilized at 0.065%, indicating balanced long-short positioning without extreme leverage. These metrics suggest organic demand rather than speculative excess driving the move.

Technical Setup Points Toward Resistance Test

SOL’s break above the 231-day downtrend on the SOL/BTC pair signals improving relative strength against Bitcoin. The Adam and Eve chart pattern near $95-$96 resistance projects upside to $120. The $89-$91 support cluster remains intact, providing a floor if momentum falters. SOL’s recovery reverses a 42% decline from February, though sustained breaks above key resistance levels remain untested.

Next Milestone: The $120 Test

Traders are now watching whether SOL can sustain momentum above $97 and push toward the $120 target. The convergence of strong ETF inflows, rising derivatives positioning, and technical breakouts creates conditions for a meaningful rally. Execution above resistance at $95-$96 will be critical. Whether institutional ETF demand persists once SOL approaches higher levels remains the key variable.