Solana Builds Momentum as Derivatives and ETF Flows Turn Firmly Positive

Key Moments

Derivatives and ETF Flows Point to Renewed Risk Appetite

Solana (SOL) is extending a steady rebound, marking its third consecutive day of gains while moving within a trading corridor between $121 and $145. The move follows a 3% advance on Tuesday and comes alongside mounting evidence of improving sentiment in both derivatives and exchange-traded products tied to the token.

According to CoinGlass data, futures Open Interest (OI) in SOL has risen to $7.26 billion, an increase of 2.89% over the past 24 hours. This expansion in OI suggests that traders are adding exposure and positioning for further upside in Solana.

The OI-weighted funding rate is currently at 0.0224%, indicating that long-position holders are paying a premium to maintain their exposure. This positive funding rate reflects a tilt toward buyers in the perpetual futures market. In the same period, short liquidations totaled $9.64 million, surpassing long liquidations of $5.20 million, highlighting a dominance of buy-side pressure as bearish positions are forced to close.

Derivatives positioning is further illustrated by the long-to-short ratio. The share of long positions has climbed to 52.55%, up from 44.83% on Saturday. This rise in long exposure is consistent with the increase in OI and the positive funding rate, together pointing to a more constructive stance among derivatives traders toward Solana.

Institutional Interest Visible in ETF Inflows

On the exchange-traded fund front, Solana-linked products have seen sustained demand. Net inflows reached $16.54 million on Tuesday, marking the fourth consecutive trading session of positive flows and the largest daily inflow since December 2. These continued ETF inflows underscore steady interest from institutional and other ETF-focused investors.

On-Chain Indicators: TVL and Stablecoin Activity

On-chain data also indicate strengthening engagement with the Solana ecosystem. DeFiLlama figures show that Total Value Locked (TVL) on the network has grown by nearly 2% over the last 24 hours to $8.984 billion. At the same time, stablecoin balances on Solana have increased by almost 3% over the past week, reaching $15.586 billion, signaling rising capital utilization across decentralized finance applications on the blockchain.

Price Action and Technical Setup Around the $145 Level

SOL is trading near $140 as of Wednesday, following the 3% advance seen the previous day. Price action is pressing toward the November 14 high at $145, which is currently acting as the upper boundary of the ongoing consolidation phase, with lower support anchored at the June low of $126.

A clear move above the $145 area could open the way for a test of the 50-day Exponential Moving Average (EMA) at $152, followed by the 200-day EMA at $172 as subsequent upside reference levels.

From a technical indicator perspective, Solana appears to be recovering as selling pressure eases. The daily Relative Strength Index (RSI) stands at 48 and is edging closer to the neutral midline, pointing to a moderation in bearish momentum. At the same time, the Moving Average Convergence Divergence (MACD) is advancing toward the zero line, accompanied by emerging green histogram bars, which signal strengthening bullish momentum.

Key Support Levels to Monitor

On the downside, the first notable support zone is located around $126. Should that level fail to hold, additional support is seen at April’s low of $95.