Solana Price Prediction After Breaking Above $100 as Open Interest Surges 10% and ETF Inflows Grow

Solana price climbed 9% over the past 24 hours to $105.40, outpacing the broader cryptocurrency market’s 2.21% gain. The advance carried SOL above $100 and to its highest level since late January.

Solana price ranked among the strongest performers across major cryptocurrencies as improving sentiment encouraged renewed interest in digital assets. 

Bitcoin price has surged more than $2,000 from the lows of the previous day and is now heading towards the resistance at approximately $80,000. Ethereum moved past $2,500, and XRP gained 2.5%, moving 25% higher over the last week.

As momentum surged on major tokens, DOGE had a 4% rally. Further strength could be dependent upon continued interest in the ETF and market strength. Major tokens gained momentum, with Dogecoin up 4%.

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Solana Open Interest Climbs 12% as Derivatives Volume Reaches $12.25 Billion

Solana derivatives trading volume rose 32.64% to $12.25 billion, while open interest increased 12.73% to $7.10 billion. The open interest increase reflected a higher dollar value of outstanding contracts. The trading volume saw the highest percentage increase out of all four of the indicators reported.

The volume of options trading rose by 20.37% to $29.82 million, with the number of options open during the trading session increasing by 6.51% to $171.28 million. The number of options turned over was also trending upwards compared to the number of outstanding option contracts. 

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Solana ETFs Draw $9.14 Million as Morgan Stanley Leads Daily Inflows

Solana exchange-traded funds saw $9.14 million in net inflows on Aug. 26, according to SoSoValue data. The MSOL group at Morgan Stanley took the lead with $5.51 million, representing about 60% of the sum.

Bitwise’s BSOL attracted $2.65 million, while VanEck’s VSOL received $972,880 during the session. No net flows were reported for Fidelity, Grayscale, Franklin and Invesco. The net assets totaled $1.26 billion, or 2.23% of the market cap of Solana. BSOL had the largest asset base at $865.97 million, followed by Fidelity’s FSOL with $175.96 million.

The value of trading across the funds was $84.55 million, of which $52.68 million came from the BSOL. The seven listed funds all lost ground on the day, by as much as 1.34%.

Solana Price Prediction: Will SOL Rally to $120 Soon?

The SOL price surged to $104.76 on August 27, gaining 10% during the ongoing four-hour trading period. The RSI hit 72, an overbought level above the typical 70.

The MACD line bounced back to MACD 2.39, which has moved above the signal line at MACD 2.12. After a period of consolidation, it has developed bullish momentum as its recent histogram was positive at 0.28. 

Above $100 indicates support for a move towards $110, the next marked resistance level. If a Solana long-range prediction breaks above that level, it may put $120 on the radar as a potential upside target.

If the Solana price falls below $100, however, the $95 support zone may become a possibility again. A loss of that level would place a strain on the bullish setup and put a risk of a deeper correction.