Solana has seen renewed institutional and retail demand in recent days, with the bulls eyeing a breakout above $100 soon. Solana’s SOL is one of the best performers among the top 10 cryptocurrencies by market cap, up nearly 7% since Sunday. The coin has crossed the $90 mark after rallying 13% the previous week. Institutional and retail demand for Solana holds strong, evidenced by rising inflows and Open Interest.
Furthermore, the technical outlook remains bullish, with the buyers looking to push SOL’s price above the $100 psychological level. ETF inflows support SOL’s rally. Solana continued where it left off last week after adding nearly 7% to its value to now trade at $93 per coin. The rally comes as Solana-focused Exchange Traded Funds (ETFs) recorded a $7.60 million inflow on Friday, pushing its weekly netflow to $10.70 million.
The consistent ETF inflows show strong institutional demand, which could help increase the upward pressure. According to CoinGlass, SOL’s futures Open Interest (OI) is up by more than 6% over the last 24 hours, reaching $5.73 billion, suggesting a significant buildup of fresh or higher leveraged positions. The growing inflows into the Solana futures market have wiped out millions of dollars worth of short leveraged positions. Solana futures recorded $15.50 million of liquidations since Sunday, led by $14.43 million of short liquidations, reflecting the unwinding of mainly bearish positions.
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