What’s driving Solana higher today?

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Solana Surges 12.38% to $138.65 Today

Highlights

Spot Solana ETFs in the US drove inflows totaling $476–621 million post-launch on October 28, 2025, with Bitwise Solana ETF (BSOL) leading assets through November.
Institutional investors maintained strong activity, employing strategies like simultaneous ETF buying and token shorting even after ETF inflows paused.
Solana's network processed 70 million daily transactions, kept low fees, and saw DeFi total value locked reach $8.8 billion with $18.8 billion in seven-day DEX volume.

ETF inflows and institutional hedging drive trading dynamics post-launch

After the launch of spot Solana ETFs in the US on October 28, 2025, ETF flows became a key driver, with consistent inflows totaling $476–621 million, led by the Bitwise Solana ETF (BSOL), dominating assets until the end of November. Institutional activity remained strong, with strategies such as simultaneous ETF buying and token shorting observed, even as ETF inflows halted. Meanwhile, core network metrics stayed robust as Solana processed 70 million daily transactions, maintained low fees, and saw its DeFi ecosystem reach $8.8 billion in total value locked with decentralized exchange volumes exceeding $18.8 billion over seven days.

Anton Kharitonov, expert at Traders Union, notes that Solana’s rebound remains fragile despite the recent price spike. He highlights persistent weakness with SOL trading below both MA-50 and MA-200, signaling a dominant bearish trend. Institutional inflows via ETFs have dried up, raising caution about sustained demand. Key technical momentum indicators, such as MACD and ADX, reinforce a strong sell bias. Kharitonov warns, “Any failure to reclaim levels above $146.80 could expose SOL to sharp downside risk toward $100.00.”

Viktoras Karapetjanc, expert at Traders Union, sees robust fundamentals supporting Solana’s long-term outlook. He underscores strong institutional presence, healthy ETF inflows earlier in the quarter, and remarkable on-chain activity. Network strength and ecosystem growth signal resilience. Karapetjanc affirms, “With such solid metrics and sustained DeFi engagement, I remain confident that bullish structure remains intact and further growth is likely once key resistance is cleared.”

Parshwa Turakhiya, analyst, identifies heightened intraday volatility as SOL trades near session highs despite an overarching bearish regime. He notes mixed sentiment among traders, with oversold technicals suggesting short-term bounce potential. The analyst cautions about false reversals if resistance at $146.80 is not breached. Turakhiya concludes, “This setup offers nimble traders tactical upside but I would protect gains closely with stops near $126.00 — $120.00.”

Mixed momentum with downside trend as resistance caps rebound

Momentum indicators for SOL are mixed: the daily MACD signals a strong sell, and ADX indicates strong downward trend strength. Oversold readings are observed on daily RSI (34.07), CCI, and BBP, while the Stoch RSI is mostly neutral but flips overbought on shorter intraday frames, highlighting divergences. Price action shows an upside gap at the open and trading near intraday highs, pointing to high volatility and robust upward intraday momentum despite the prevailing bearish medium- and long-term trend structure. Key dynamic resistance is identified by the Ichimoku indicator at $146.80, while the overall trend still favors the downside.

Last time, analysts noted that Solana continued to trade below all major moving averages with persistent bearish momentum, as momentum indicators like MACD and ADX reinforced a sustained downtrend while RSI and other oscillators signaled developing selling exhaustion. Dynamic resistance was established near the Ichimoku Kijun level, with the closest meaningful support just above $120, favoring extended sideways movement unless a breakout occurs as bearish signals limit rebound prospects.

Source of Data: SOL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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