Solana Price Forecast as ETF Inflows Extend to 11 Straight Days

Frank bevah
Frank bevah

Frank bevah

Market Analyst
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.
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Solana Price Forecast as ETF Inflows Extend to 11 Straight Days

Highlights

  • Solana price stands to gain on eleven days of inflows to ETF.
  • Derivatives volume increased as lower open interest indicated less leverage.
  • Holding at the $95 support has breakout targets of $110 and $120.

Solana price held above $99 after a mild market correction interrupted its recent rally. SOL declined 2.95% to $99.35 over 24 hours, underperforming the broader cryptocurrency market. However, the token remains 35% higher over two weeks. 

Eleven consecutive days of ETF inflows continue supporting expectations for further near-term price gains. Bitcoin price is still holding above $77k, eyeing recovery ahead of September 15-17th Fed Meeting.

US Solana ETFs Record 11 Straight Days of Net Inflows

Solana spot exchange-traded funds have seen eleven consecutive sessions of $10.19 million daily inflows on September 1.

The total net inflows amounted to 1.35 billion and combined assets amounted to 1.39 billion. The trading volume in the products amounted to $68.55 million session.

Bitwise was the top daily demand with 6.17 million and Fidelity with 2.67 million. Morgan Stanley received an extra capital of $1.36 million, and other listed funds showed no new capital.

Bitwise was the biggest product with assets of $949.83 million and lifetime inflows of $1.03 billion. The persistent streak indicators implied institutional enthusiasm even as the prices of the ETFs in general were generally weaker.

Solana Derivatives Volume Jumps 23% as Trading Activity Accelerates

The trading of Solana derivatives gained momentum as the volume increased by 22% to reach a new level of 9.43 billion, indicating that more traders are participating in the market.

The open interest decreased 1.40% to $6.47 billion, indicating that some traders were unwinding leveraged positions even though the turnover had increased.

Solana Price Forecast as ETF Inflows Extend to 11 Straight Days
Source: Coingalss data

The volume of options increased 19.30% to $15.18 million, indicating increased demand of contracts associated with the Solana price.

In the meantime, the options open interest increased by 2% to the current level of $135.98 million, which indicates the slight improvement of the outstanding positions of derivatives traders.

Is Solana Price Preparing for a Breakout Toward the $120 Target?

At the time of writing, the SOL price hovered at $99.48 after falling 0.52% on the daily timeframe.

Solana price fluctuated between $97.38 and $100.71, indicating the fluctuations around the psychological mark of $100

The Solana price is however above the vital $95 support, maintaining the bigger recovery framework. The Relative Strength Index is 62.15 after moving out of overbought.

In the meantime, Chaikin Money Flow stands at 0.25 which indicates that capital inflows continue to favor SOL.

A daily close above $100 would open the way back to the big $110 resistance.

A stronger volume than breaking of $110 may reveal the next bullish price of $120 as per the detailed SOL price analysis.

Solana Price Forecast as ETF Inflows Extend to 11 Straight Days
Source: TradingView

On the other hand, the decline of the Solana price to $90 due to the loss of $95 will expose the price to a new demand.

A prolonged decline of less than $90 would undermine the bullish arrangement and re-introduce the focus to $80.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)

1. Why are Solana ETF inflows important?

Solana ETFs recorded inflows for eleven consecutive sessions through September 1. The streak suggests institutional interest remained steady during the correction.

2. Which Solana ETF recorded the largest inflow?

Bitwise led with $6.17 million, followed by Fidelity with $2.67 million. Morgan Stanley attracted another $1.36 million.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

SOL

Solana

$105.4417 1.61% (24h)

24 Hours volume

$1.56B

Market Cap

$61.7B

Max Supply

NA

Buy $SOL with Binance
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About Author
About Author
Frankbevah is a senior crypto market analyst and stock Journalist with four years of industry experience. He focuses on in-depth market analysis, emerging trends, and real-time developments across cryptocurrency and equity markets.