Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows

Solana (SOL) has experienced a significant price surge, rising above the $165 mark on Monday with a 5% increase. The cryptocurrency’s rebound from the $150 support level indicates strong demand in the market. Analysts suggest that Solana’s price could approach the $200 threshold this week, bolstered by the ongoing momentum in the broader market. Additionally, the growing interest in spot ETFs has contributed to a notable $137 million influx into Solana, further fueling its bullish outlook.

The crypto market surge, up 3.92% in the past 24 hours, highlights a widespread recovery. Top cryptocurrencies such as BTC, ETH, and XRP have experienced significant price increases as well, which may indicate the further development of the bull market. This general recovery shows hope of a further upward trend in the next few days.

Solana ETFs Record $137M Inflows

Solana spot crypto ETFs were the only funds to record inflows last week and amounted to $137 million. First of the pack was the $BSOL of Bitwise that experienced a substantial figure of $127million. Bitcoin and Ethereum ETFs, meanwhile, recorded outflows, which expressed a general apprehension of the market in general.

According to the latest ETF records, Bitwise BSOL has steady gains, including a significant contribution of Seed, with 222.9 million. Comparatively, the GSOL of Grayscale had lower inflows but contributed to the overall growth of the Solana ETF sector.  This spike implies an increase in investor confidence in Solana despite the uncertainties in the market.

Solana Price Eyes a Strong Surge as Technical Breakout Occurs

Market analysts believe that the Solana price could be about to break out on lower timeframes. The chart of price indicates this decisive moment, and the breakout suggests a possible surge in Solana in the next few days.

When the bullish trend is maintained, then the SOL price would experience an increase, which may result in a rebound to a level of above the $200 mark. The market stands under close observation by investors and traders hoping to achieve further returns to the popular blockchain asset.

What’s Next For SOL Price?

The latest SOL price surged to $168.48, marking an ascending trend over the past 24 hours. 

Looking ahead, the target resistance of SOL is approximately $200, and it may hit this target within days. A shift to $200 signifies an 18.99% rise over the present value, which is consistent with the upper limit of the channel. If SOL can maintain its upward trajectory, it could continue pushing toward this target as the long-term Solana forecast remains bullish.

The Chaikin Money Flow (CMF) stands at a favorable 0.24, which indicates a good buying pressure in the market. The MACD (Moving Average Convergence Divergence) indicates the presence of a bullish signal, where the blue line (MACD) is above the orange signal line. Traders should keep an eye on the support at $160, as a drop below this level could signal a correction.