Solana price has jumped by 10% in the past 24 hours as the broader crypto market stages a sharp recovery. SOL price trades above the $140 mark. Solana is on a solid bullish trend after a price consolidation week. Analysts are optimistic that SOL might climb by another 25% as the ETF inflows into the asset have topped more than 650 million.
In the meantime, the general crypto market has recovered by more than 7% following a decline of over 15% monthly. BTC, ETH, XRP, ADA, and DOGE are also major tokens that demonstrate new strength and upward movement.
Solana ETFs Record Strong Inflows as Total Surpasses $651 Million
The Solana spot exchange-traded funds recorded good activity after the net inflows increased to over 45.7 million in the most recent trading session. The recent trend has increased the total Solana ETF inflows to $651 million, which is an indication of consistent demand among key issuers.
The group was still headed by Bitwise, with its BSOL fund getting a cumulative inflow of $574 million. There were also inflows at Grayscale, Fidelity, Vaneck, and 21Shares, but at lower amounts than those of Bitwise.
Day in, day out, reports indicated that Bitwise gained $29.4 million, Grayscale was making $6.3 million, and Fidelity was attracting $6.9 million. Vaneck and 21Shares recorded the additions of new money of $2.7 million and $0.4 million, respectively, though they had recorded negative figures on a cumulative basis.
The inflows are high, which shows that institutional confidence in the market presence of Solana and the overall market outlook is increasing.
Solana Price Rally Hopes Rise as Analyst Notes Key Breakout
Crypto reports that the bulls of Solana have recaptured a major technical indicator on the 4-hour chart. He observes that the price has returned above a significant downward trendline that once limited the upward movement. This change indicates better mood and an increase in purchasing power of the market.
According to the analyst, the breakout could be an indicator of new upward pressure. He also makes an indication that this could be continued to greater heights in case the buyers keep on this momentum. His line graph depicts a projective movement, which represents optimism on additional profits.
Will SOL Price Rally To $180 Amid Bullish Trend?
SOL price surged to $141 as buyers pushed the token toward a key resistance cluster that has capped several rallies in recent weeks. The move followed a sharp rebound from the $130 support zone, which sparked renewed interest among traders watching for a breakout.
The most recent trading indicates that SOL is currently testing the resistance of $150, which had previously rejected the upside attempts.
Momentum indicators favor the bullish change. The MACD line had moved above the signal line and was still increasing, indicating that it has an upward momentum.
The histogram moved further into the positive as well. The RSI was rising into 63, indicating a developing buying pressure with the aim of approaching the overbought area.
Source: SOL/USD 4-hour chart: TradingviewAny clean move beyond this barrier would also reveal greater targets of $170 and $180; this may also result in an upward trend of 25%. Failure to maintain the recent momentum could bring price action back to familiar support.
Source: https://coingape.com/markets/solana-price-poised-for-25-rally-as-etf-inflows-surge-past-650m/
