Solana ETF Inflows Surge to $39.23M Weekly High as SOL Eyes $120 Breakout

Solana News

Spot Solana exchange-traded funds posted their strongest weekly haul since February, drawing $39.23 million in net inflows during the past week. Bitwise's BSOL product captured roughly $36 million of that total, while Fidelity's FSOL contribution surpassed $1.8 million. Since launch, BSOL alone has accumulated about $861 million, representing close to 81% of the combined $1.06 billion flowing into all U.S. spot SOL funds. The renewed institutional appetite coincided with a 15% weekly rally that lifted SOL toward the $97 zone, pressing against a resistance band that traders have flagged as the gateway to a potential push toward $120 for the altcoin.

Derivatives positioning expanded sharply alongside the spot inflows. Aggregate open interest on Solana futures climbed to roughly $6.4 billion from $4.94 billion on May 1, a 29.5% jump in less than two weeks that signals fresh leveraged exposure entering the market. The funding rate hovered near 0.065%, indicating that long positions are paying a premium to remain open — typically a hallmark of trader conviction rather than capitulation. The combination of rising open interest, sustained positive funding and increasing spot demand mirrors the structural setup that has previously preceded extended moves on the network's native asset.

Order-flow metrics reinforced the bullish picture during the recent push higher. Aggregated spot cumulative volume delta — a gauge of net buying versus selling pressure — climbed from approximately $163 million to nearly $250 million over a five-day stretch as price tested the $96 handle. Futures CVD followed a parallel trajectory, swelling to roughly $593.6 million from May 5 onward, with buyers absorbing sell-side liquidity across both venues. However, momentum has begun to plateau in the $95-$96 range over the past 24 hours, suggesting consolidation may be needed before bulls can convert resistance into firm support.

On the higher time frames, SOL is sketching an Adam and Eve formation directly beneath the $95 resistance shelf, with the pattern's neckline aligning almost exactly with the current breakout zone. If buyers can decisively flip $95 into support, the measured-move projection points toward the $120 region — a level that has not been visited since earlier in the cycle. The structure could also signal a longer-term bottom for the asset, provided closes above the neckline are accompanied by sustained spot accumulation. Failure to hold above $95 on a daily basis, however, would expose the recent breakout as a liquidity grab.

A landmark upgrade to Solana's consensus layer reached a key milestone this week as Alpenglow went live on the network's community test cluster. The development arm Anza confirmed that external validator operators can now run the new protocol stack, marking one of the final gates before a mainnet activation that could arrive in the third or fourth quarter of this year. Engineers said finality times during internal trials fell by roughly one hundred-fold compared with the existing TowerBFT system, with successful migrations between the legacy and new pathways observed during simulated switchovers across the test environment.

Alpenglow represents the most ambitious rewrite of Solana's core consensus design since the blockchain launched, replacing major portions of the Proof-of-History plus TowerBFT architecture with a redesigned framework focused on near-real-time block confirmation. Validators voted 98% in favor of the proposal last September under improvement specification SIMD-0236, and the rollout has since progressed through internal node clusters of up to 45 machines. The pending change is intended to shrink finality from the current 12.8-second window to a fraction of that span, allowing exchanges to credit deposits faster and applications to feel materially more responsive under load.

SOL is trading at $97.49 with a 1.24% daily gain, sitting just below the immediate resistance cluster at $98.36 and the psychological $100 round number, with $103.41 standing as the next upside target. Support is layered at $96.80, $93.70 and $91.72, providing a structured pullback zone if momentum stalls. The MACD remains bullish and the broader trend is up, but the RSI at 74.15 sits firmly inside overbought territory, raising the probability of a near-term cooling phase. A daily close back below $93.70 would invalidate the bullish breakout thesis and shift focus to the lower support shelf.