SOL holds $77 as ETF inflows and bullish derivatives signal further upside

Key takeaways

• Solana (SOL) trades around $78, gaining more than 2% this week.
• Spot Solana ETFs recorded $5.83 million in inflows, marking the second straight day of institutional buying.
• Derivatives data points to growing bullish sentiment, with the long-to-short ratio rising to 1.12.

Solana (SOL) remained steady around $77 on Wednesday, extending its weekly gains to more than 2% as institutional investors returned to the market.

Growing inflows into spot Solana exchange-traded funds (ETFs), combined with increasingly bullish derivatives positioning, are improving the outlook for the cryptocurrency despite technical resistance continuing to cap upside momentum.

Solana ETFs record strongest inflows in weeks

Institutional demand for Solana showed further improvement this week. According to SoSoValue, spot Solana ETFs attracted $5.83 million in net inflows on Tuesday, marking the second consecutive day of positive flows. 

It was also ...