Solana climbed 9% over the past 24 hours to $105.40, its highest level since late January. Derivatives activity and Solana ETF inflows both picked up alongside the move, while chart indicators point to $110 as the next test.
Solana broke back above $100, climbing 9% in 24 hours to $105.40 and outpacing the broader crypto market's 2.21% gain. The advance put SOL at its highest level since late January.
Open interest and derivatives volume surge
Solana derivatives trading volume rose 32.64% to $12.25 billion, the largest percentage increase among the indicators tracked. Open interest climbed alongside it, rising 12.73% to $7.10 billion as the dollar value of outstanding contracts increased.
Options activity also picked up. Options trading volume rose 20.37% to $29.82 million, while open options contracts increased 6.51% to $171.28 million.
Solana ETFs draw $9 million as Morgan Stanley leads
Solana ETF products saw $9.14 million in net inflows on Aug. 26, according to SoSoValue data. Morgan Stanley's MSOL group led with $5.51 million, about 60% of the total.
Bitwise's BSOL attracted $2.65 million and VanEck's VSOL brought in $972,880, while Fidelity, Grayscale, Franklin and Invesco reported no net flows. Net assets across the funds totaled $1.26 billion, or 2.23% of Solana's market cap, with BSOL holding the largest base at $865.97 million.
Chart signals point toward $110
SOL surged to $104.76 on Aug. 27, gaining 10% during the ongoing four-hour trading period. The RSI hit 72, moving above the typical overbought threshold of 70, while the MACD line bounced to 2.39, above its signal line at 2.12.
Holding above $100 supports a move toward the next resistance level near $110; a break above that level could put $120 in view. A drop back below $100, however, would bring the $95 support zone back into play and strain the bullish setup.
Source: CoinGape
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