Key Takeaways:
- Solana held above $79 support despite a 1.7% slip on Monday
- Spot Solana ETFs attracted $5.75 million in inflows as BTC and ETH funds saw outflows
- Weekly non-vote transactions on Solana surpassed 1 billion for the first time
Back
Solana holds above $79 support as ETF inflows reach $5.75M
Solana slipped 1.7% on Monday but held above the $79 support zone, as spot ETF inflows and surging on-chain activity continued to support the recovery narrative.
"Solana's ETF flows are diverging from the broader market — $5.75 million in net inflows last week while Bitcoin and Ethereum funds bled a combined $540 million," James Butterfill, head of research at CoinShares, said. "That's a clear signal that institutional allocators are treating SOL as a separate bet, not just a beta play on BTC."
U.S.-listed spot Solana ETFs attracted $5.75 million in net inflows during the week ending July 2, according to CoinGlass data, reversing the prior week's $1.8 million in outflows. By contrast, spot Bitcoin ETFs recorded $527 million in net outflows over the same period, extending their losing streak to eight consecutive weeks, while spot Ethereum ETFs shed $13.67 million. XRP ETFs also drew $17.19 million in inflows, per Farside data, suggesting capital is rotating into alternative digital assets.
The question is whether Solana can sustain the momentum. The token is trading near $81.80 as of 14:30 UTC, holding above the 50-day exponential moving average at $76.41 and the 50% Fibonacci retracement level at $79.27, according to CoinGecko data. Immediate resistance sits at the 100-day EMA near $81.63, followed by the 61.8% Fib at $83.78. A sustained close above that cluster would open a path toward $90 and then $96.19 to $96.73, while a break below $79.27 risks a retest of $77.06 and the 50-day EMA.
On-chain activity hits new highs
Network usage is accelerating alongside the price recovery. Solana's weekly non-vote transactions surpassed 1 billion for the first time in early July, according to SolanaFloor, reflecting actual demand from users and decentralized applications rather than validator activity. Tokenized asset spot trading volume on Solana reached $5.7 billion in the second quarter, more than doubling from $2.69 billion in the first quarter, the Solana Foundation said.
Active addresses on the network climbed to 29.7 million from 16.8 million over two weeks, a 76.8% increase, Artemis data shows. Solana also led all Layer 1 and Layer 2 chains in both 24-hour and seven-day decentralized application revenue, while ranking second in global spot crypto trading volume at $12.25 billion, behind only Binance.
Derivatives data reinforces the bullish tilt. Solana futures open interest hit $5.8 billion over the weekend, the highest since mid-May, before easing to about $5.6 billion on Monday, per CoinGlass. Funding rates turned positive on Sunday at 0.0081%, indicating that long-position holders are paying shorts — a sign of strengthening conviction among leveraged traders.
Solana remains about 73% below its all-time high of $294.33 reached on Jan. 19. The recovery has been gradual, but the combination of institutional inflows, rising network activity, and favorable technical positioning gives buyers a credible case for pushing toward $90 in the coming sessions — provided the $81.63 to $83.78 resistance zone gives way.
This article is for informational purposes only and does not constitute investment advice.
