Key Highlights
- Weekly Solana ETF inflows reached $39.23 million, marking the strongest performance since February.
- Open interest in SOL futures surged 29.5%, climbing from $4.94 billion to $6.4 billion within a two-week period.
- SOL price increased 15% over seven days, hitting $97, with market participants targeting $120 as the next major resistance level.
- Technical analyst CryptoPatel observed that the SOL/BTC downtrend has reversed, with support established between $89 and $91.
- A previously inactive whale wallet purchased 67,648 SOL tokens valued at $6.23 million following a seven-month dormancy period.
The spot ETF market for Solana experienced its strongest performance week since February, recording total net inflows of $39.23 million. Bitwise’s BSOL ETF dominated these flows, capturing $36 million of the aggregate total. Meanwhile, Fidelity’s FSOL contributed slightly over $1.8 million. Since its inception, BSOL has accumulated $861 million in inflows, representing approximately 81% of the $1.06 billion in total cumulative flows across all spot SOL exchange-traded funds.
This institutional ETF demand coincided with significant expansion in derivatives markets. Open interest for Solana futures increased from $4.94 billion on May 1 to $6.4 billion, marking a 29.5% surge in less than 14 days. The aggregated spot cumulative volume delta climbed to nearly $250 million from $163 million within just five days as SOL approached the $96 price level.
Futures CVD grew to approximately $593.6 million as market participants absorbed selling pressure across both spot and derivatives platforms. The funding rate maintained levels around 0.065%, indicating continued willingness among traders to maintain long positions.
Market analyst CryptoPatel shared on X that SOL had been “bleeding for 9 long months” but indicated the technical picture had finally shifted. “The downtrend is broken and buyers are stepping in strong,” the analyst stated, emphasizing that patience had been rewarded. In a separate analysis, BATMAN highlighted that SOL recently breached a 231-day downtrend on the SOL/BTC daily timeframe, indicating strengthening performance relative to Bitcoin.
$SOL Was Bleeding for 9 Long Months. Today, the chart finally turned. The downtrend is broken and buyers are stepping in strong. 🚀
Patience is paying off. pic.twitter.com/vA4Wu0z4qC
— Crypto Patel (@CryptoPatel) May 11, 2026
Large Holder Movements and ETF Accumulation Strengthen Outlook
Blockchain data provided additional support for the bullish technical setup. A wallet designated as Emb5o reemerged after a seven-month period of dormancy and acquired 67,648 SOL tokens worth roughly $6.23 million, alongside 6.2 million JUP tokens.
The eight spot Solana ETFs collectively hold nearly 2% of SOL’s total circulating supply. Continued ETF accumulation can tighten liquid supply dynamics over time, a factor that has contributed to growing institutional attention. Additionally, Alchemy unveiled a $20 million developer fund dedicated to Solana on April 9, providing infrastructure resources and credits for projects building on the blockchain.
On-chain network activity accelerated throughout May, featuring elevated levels of daily active addresses and transaction volumes. Meme coins built on Solana experienced renewed trading interest following a UFO-themed token trend, which boosted decentralized exchange activity and increased demand for SOL as network gas.
Critical Price Zones Under Observation
Solana has climbed above its 100-day exponential moving average for the first time since October 2025. The asset is developing an Adam and Eve chart formation around the $95 resistance zone, with the pattern’s projected target positioned near $120.
Technical analyst BATMAN identified the $89–$91 range as the immediate support cluster. The $90 threshold is also being monitored as critical breakout support among short-term market participants. A decisive move below this level would bring the 200-day moving average near $86.74 into focus.
SOL was exchanging hands near the $93–$97 range at press time. Traders are monitoring for a confirmed daily close above $95 as confirmation for a potential advance toward the $120 objective.
