Solana price rallied strongly in August, supported by the broader crypto market advance and continued exchange-traded fund (ETF) inflows. The SOL token climbed to $110, up sharply from the year-to-date low of $60. The rebound has also been accompanied by stronger activity across Solana-linked markets and on-chain metrics, which helps explain why the move has attracted attention beyond short-term trading.

Los aspectos técnicos de Solana apuntan a más subidas

The daily chart shows that SOL has recovered over the past few months and is now trading at its highest level since January. The token recently moved above the key resistance level of $98.10, its highest point since May 11.

Solana has formed a golden cross pattern, with the 50-day and 200-day Weighted Moving Averages (WMA) crossing. The token has also moved to the 23.6% Fibonacci retracement level, while the MACD indicator has moved above the zero line.

SOL price has also formed an inverted head-and-shoulders pattern, another widely watched bullish reversal setup. Based on these technical signals, the next likely target is $133, the 38.2% Fibonacci retracement level. That target is about 30% above the current level.

The main risk is a move below the important support level of $98. If that happens, it would suggest further downside in the coming days or weeks.

Las entradas en ETF de Solana siguen aumentando

In addition to the technical picture, Solana has several notable catalysts. American investors continue to add to their positions, and the pace of ETF inflows has remained an important signal of demand since approval because these products give market participants a regulated way to gain exposure to SOL.

These funds added more than $925,000 in assets on Monday, with most of the capital flowing to Fidelity’s FSOL ETF. The funds attracted $193 million in inflows in August, the largest monthly increase since November last year.

In total, the funds have brought in more than $1.34 billion in inflows since approval and now hold more than $1.44 billion in assets under management (AUM). The largest Solana ETFs are offered by companies including Bitwise, Fidelity, Grayscale, Morgan Stanley, and VanEck.

Rising ETF inflows suggest that investors are continuing to accumulate SOL as they anticipate further upside over time.

A similar trend is visible in staking, where the staking ratio has climbed and is now nearing the 70% mark. That means nearly 70% of all SOL tokens in circulation are staked, and many stakers tend to hold them for extended periods. There are now more than 473 million staked SOL tokens.

El interés abierto en futuros alcanza máximos de varios meses

The steady ETF inflows have coincided with rising futures open interest. Daily futures open interest has been in a strong uptrend over the past few days and has reached its highest level in months.

It climbed to $6.63 billion, indicating that investor demand continues to increase. Futures open interest bottomed at more than $4.50 billion in July this year. The move has come as liquidations have declined, while the weighted funding rate has remained in positive territory over the past few months.

Fundamental metrics are also improving. Data from DeFi Llama shows that total value locked (TVL) in the Solana ecosystem has risen to $5.84 billion, the highest level since March 30. The increase has been led by major protocols in the ecosystem, including Sanctum, Jupiter, Kamino, and Jito.

At the same time, the amount of stablecoins in Solana’s ecosystem has continued to climb and currently stands at $16 billion. DEX volume has also increased and is now higher than that of other chains such as Ethereum and BSC Chain.

Source: The Market Periodical