Key Highlights
- Solana rallied more than 19% over the past week, reaching a peak of $91
- The US Treasury’s decision to double certain buyback programs fueled liquidity optimism and risk-on sentiment
- Spot SOL ETFs saw $14.58M in net inflows on Thursday, the strongest single session since late July
- Derivatives activity exploded with futures volume rising 177% to $13.7B and open interest hitting $5.66B
- The critical 200-day EMA near $89 remains the pivotal level; clearing it could target $96–$100
Solana has delivered a powerful performance this week. The token surged over 19%, peaking at $91 before settling near $89. This upward momentum coincided with a broader crypto market rally sparked by favorable liquidity signals from the United States Treasury Department.
The Treasury announced plans to expand certain buyback programs for longer-maturity government securities, increasing operations from $2 billion to a minimum of $4 billion per session. This move alleviated liquidity pressures and encouraged investors to embrace riskier assets, with cryptocurrency markets benefiting significantly. Solana posted double-digit gains on Wednesday following the announcement.
Institutional participation has grown alongside the price rally. According to SoSoValue, spot Solana ETFs attracted $14.58 million in net inflows on Thursday. This represented the largest daily influx since the final days of July and extended a three-day streak of positive capital flows into SOL products.
Derivatives Markets Signal Strong Conviction
The rally hasn’t been fueled solely by spot market buyers. Solana futures trading volume exploded to approximately $13.7 billion, marking a 177% increase. Open interest expanded by roughly 7.9%, reaching $5.66 billion, while options volume skyrocketed more than 400%. These metrics indicate sophisticated traders are aggressively adjusting positions rather than simply riding a passive trend.
Market analyst Ash Crypto pointed out on X that Solana achieved its strongest daily close in three months, emphasizing how this week’s performance distinguishes itself even within the context of wider market strength.
For weeks, SOL remained trapped within a tight $70–$80 corridor, with repeated attempts to break higher meeting resistance. The decisive move above the $78–$80 barrier, culminating in the $91 spike, signals a meaningful change in market structure and participant positioning.
Critical Price Zones Ahead
Technically, Solana is now testing its 200-day exponential moving average, positioned around $89. The Relative Strength Index has climbed to approximately 79, entering overbought conditions, while the MACD indicator maintains bullish momentum. The 50-day and 100-day EMAs at $76.91 and $78.63 respectively now provide support beneath current levels.
Looking ahead, immediate resistance sits at $96.19, with a stronger ceiling at the $98–$100 area. Should selling pressure return, $80 becomes the critical support threshold to monitor. A breakdown below that point would likely reopen the $70–$72 zone for retesting.
Solana peaked at $91 during this week’s session and currently trades near $89, maintaining its position above the 200-day exponential moving average.
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