Solana ETFs have surprised the market with more inflows than Bitcoin and Ethereum combined within the previous week. This indicates a shift in focus by investors. The capital is experiencing a rotation to high-performance blockchains. Solana’s speedy transactions, low costs, and usage in DeFi and on-chain applications are to its advantage.
Source: X
The data also indicates an increasing risk appetite from investors who are looking at growing alternatives to BTC and ETH. Network stability and developments are also restoring investor confidence in Solana, and fixed ETF demand may solidify its place in a new crypto market.
Also Read: Solana (SOL) Eyes $1,000 Long-Term Target Amid Major Revenue Surge in 2025
SOL Eyes $190 as Head and Shoulders Pattern Emerges
However, the crypto analyst, Peak, revealed that Solana (SOL) is at a critical level as it settled into a head and shoulders formation on the daily chart. The level to watch is the $124 support zone, as it is a region where buyers have flocked in the past. If it holds, the correction may see a relief rally as the selling pressure drops.
Source: X
With an effective defense of the $124 level, it may allow SOL to continue to press higher towards the target at $190. Conversely, a breakdown from the support level would confirm the bearish scenario and allow the contract to continue to fall towards the target.
Indicators Shows Stability Before The Next Big Move
On the weekly chart of SOL, the market condition appears to be range-bound with a slightly bearish trend. The RSI index is at the level of 43, which is lower than the midpoint of 50. This indicates that the momentum of the market is weak. However, the recent recovery from the lower level indicates that the selling momentum may be slowing down rather than gaining further strength.
Source: TradingView
MACD remains below the zero line, showing that the overall market is technically bearish, although the histogram has changed color to positive, implying that there is reducing bearish momentum. These two aspects together imply that there is stabilization rather than a trend reversal at this early stage.
Also Read: Solana Price Under Watch After $43M Whale Short Position
