 ▲ Solana (SOL) spot ETF/ChatGPT-generated image © |
Solana (SOL) has once again stalled near the $88 resistance level, but continued inflows into spot ETFs are keeping hopes of a rebound alive.
According to investment media outlet FXStreet on March 4 (local time), SOL is trading at around $85.41 after facing resistance near $88, the upper boundary of its range. However, institutional demand appears to be strengthening as U.S.-listed Solana spot ETFs have recorded inflows for two consecutive days.
Data from SoSoValue shows that $1.03 million flowed in on Tuesday alone, bringing total inflows this week to $18.44 million, including $17.41 million the previous day. Last week saw net inflows of $44.44 million, marking the largest weekly inflow since mid-January. Analysts suggest that if institutional fund flows continue, upward pressure could build in the medium term.
Sentiment in the derivatives market is also improving. According to CoinGlass data, the funding rate has turned positive at 0.0008%. This structure, where long-position holders pay short-position holders, indicates that market participants are leaning toward a bullish outlook.
Technically, however, SOL remains at a critical juncture. The price is still below the upper boundary of a parallel channel at $87.96 and a descending trendline extending from the $253.51 high. The 50-day and 100-day exponential moving averages are clustered above $98, forming a significant resistance zone. The daily Relative Strength Index (RSI) has rebounded from oversold territory to the mid-40s, while the Moving Average Convergence Divergence (MACD) remains in positive territory, signaling a slowdown in bearish momentum.
A breakout above $86.60, the 23.6% Fibonacci retracement level, could open the path toward $98.42, the 38.2% retracement level. SOL would need to firmly clear the channel resistance at $87.96 and the $103.56 trendline to ease its medium-term bearish structure. Conversely, if the $77.60 support level breaks down, losses could extend toward $67.50. Whether ETF inflows continue and whether technical resistance holds will be key factors determining the next directional move.
Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.