Solana exchange-traded funds pulled in the largest weekly inflows of any crypto ETF product even as the token's price slipped. SOL now sits at a chart inflection point, needing to clear resistance to confirm a bullish pattern that has built since early August.
Solana (SOL) ETFs recorded $10.26 million in inflows between August 10 and August 15, the highest among all crypto ETFs for the week. Yet SOL itself dropped 0.86% on August 15, trading at $75.
Solana ETFs Lead Weekly Inflows
The $10.26 million pulled into Solana ETFs marks the highest inflow figure the products have seen since May. The demand stands out against a broader market moving in a tight range, with Bitcoin and Ethereum ETFs both posting outflows over the same stretch.
According to the source, Solana ETF inflows are rising amid plans by Bitwise to tokenize its SOL ETFs on the blockchain.
Bullish Pattern Faces a Test at Resistance
SOL has formed a cup and handle pattern on its one-day chart, a shape that suggests the uptrend beginning August 7 could resume after a brief pause. But the token needs to close above resistance at $76 to confirm the setup.
If that close happens, SOL could gain 8% and reach the July high of $82. However, the Awesome Oscillator bars have turned red, a signal that bullish momentum is weakening and could hinder a move above the $76 resistance level.
Should the selling pressure of the past two trading days persist, Solana could instead drop toward the psychological support of $70.
Source: CoinGape
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