Spot Solana ETFs drew roughly $39.2 million in net inflows over the past week, lifting cumulative assets to about $1.07 billion and helping push SOL back into a short-term uptrend. The flow data, tracked by SolanaFloor and CoinGlass, showed renewed institutional demand for Solana exposure at the same time that price and derivatives activity strengthened.
The move was led by Bitwise’s BSOL, which accounted for about $36 million of last week’s inflows. That concentration made Bitwise’s product the main driver of the latest ETF demand, while year-to-date Solana ETF flows were reported as approaching $900 million.
ETF Demand Revives SOL Momentum
The latest weekly inflow total was the strongest since February, giving Solana’s market structure a fresh demand signal. SOL rallied roughly 15% over the week and consolidated near $97 after crossing its 100-day exponential moving average, a technical level traders often watch for trend confirmation.
Derivatives markets reinforced the spot move. Futures open interest rose from about $4.94 billion to roughly $6.4 billion to $6.46 billion, while funding rates turned positive, showing long traders were paying to maintain exposure rather than merely reacting to a short squeeze.
That combination suggests new capital entered the trade across both spot and leveraged venues. For desks watching flow quality, the alignment between ETF inflows and rising open interest gives the rally a stronger base than a purely momentum-driven move.
$100 Resistance Becomes the Key Test
Technicians identified resistance around the $97.40 to $100 band, with support near $95. A sustained hold above that support and a clean break through $100 would strengthen the market case for a move toward $118 to $120, where several analysts see the next meaningful upside zone.
Still, the setup is not without caution signals. The 2x Solana ETF SOLT recorded a $1.02 million net outflow on May 8, while trading volume softened as SOL approached the $100 psychological level, suggesting some leveraged and short-term traders are not fully convinced.
Prediction markets also reflected hesitation, with Ainvest citing only about a 15% probability of SOL breaching $100. That skepticism matters because market confidence remains conditional on follow-through, not just on one week of strong ETF inflows.
The path toward $120 depends on continued ETF demand, positive but controlled funding, and stronger volume above resistance. Longer-term upside scenarios also remain tied to on-chain developments, including Alpenglow mainnet progress, making technical execution and institutional allocation the next drivers to watch.
