- Solana spot ETFs saw inflows of 29.2 million dollars in the last 24 hours, raising total assets to $323 million since their inception.
- SOL is currently trading at $157.02 with a $87.05 billion market cap, ranging between the levels of $145 to $155 before gearing up for $200 breakout.
- Data from the on-chain platform shows that there are currently $2.636 million in liquidations on the short side, with a 0.179 funding rate.
Solana’s (SOL) institutional interest is surging again as U.S.-listed Solana spot ETFs are seeing inflows of $29.2 million in the last 24 hours. This marks another consecutive strong session for the launched funds, indicating the rising confidence of conventional markets and cryptocurrency markets alike in Solana.
According to the latest data from Farside, BitwiseInvest’s BSOL led the inflows, attracting $29.2 million, while Grayscale’s GSOL followed with $2.2 million. The cumulative of both ETFs is currently pegged at $323 million, definitely a remarkable milestone, especially considering the ETF is neither based on Bitcoin nor Ethereum, yet it has only recently launched.
Solana Holds Firm in Key Reversal Range
Currently, Solana is trading at $157.02, with a 2.87% decline within the last 24 hours. The SOL is retaining a strong market capitalization of $87.05 billion with a strong trading volume of $12.51 billion, capturing 2.55% dominance in the marketplace, even with the current negative pressure.
CryptoPulse pointed out that Solana is currently ranging between $145-$155, which is an important reversal area, possibly marking the end of the selling pressure or the start of the breakout towards the $200 resistance mark if momentum strengthens soon.
The analysis further reveals that once Solana confirms stability, buyers could regain control, leading to a significant rally. Market analysts believe that the necessary liquidity for the altcoin price to bounce back may result from the upcoming bearish cycle for the altcoin.
Also Read | Solana Price Analysis: SOL Eyes $185 Rebound if $150 Support Holds Strong
Rising Volatility and Institutional Confidence Drive Momentum
The on-chain analytics also reveal volatility, with Solana having its Funding Rate at 0.179, indicating that long-position holders are paying to hold their positions open. This clearly indicates strong market conviction, with buyers anticipating a reversal in the upside in the short to mid-term period.
Meanwhile, Coinalyze data reveals $2.636 million in short liquidations over the past day, implying that the bears are being squeezed in their attempt to gain traction, having struggled to push the markets downwards.
With the inflows from institutions on the increase, analysts also predict that Solana will soon test the $200 barrier once again. When the trend is sustained, the blockchain network is likely to be one of the standout altcoins leading into November, given the optimism surrounding its prospects.
Also Read | Altcoin Wipeout: 72 of Top 100 Cryptos Down Over 50% Despite XRP and BTC Resilience
