Institutional interest in Solana is starting to pick up this week, even as the price of failed to surpass the $100 resistance level. On May 12, the Solana ETF inflows managed to reach $19.07M, while they also reached $26.57M the previous day. The latest figures extended the Solana ETFs’ positive inflow streak to seven consecutive trading sessions dating back to May 4.
Solana ETFs Continue Their Win Streak With $19.07M Inflows
According to SoSoValue data, spot Solana ETFs recorded $19.07M inflows on May 12. The attracted $15.98M while came in second place with $3.09M. This now makes it the seventh consecutive positive day for these funds.
On May 11, the Solana ETFs managed to attract $26.57M in inflows. The demand for ETFs during this multi-day inflow streak suggests that investors are more interested in holding longer-term positions rather than engaging in short-term trades. This is also confirmed by the fact that Solana saw a record amount of monthly token holders in April: 167M.
All these developments show that people are looking at the current position of SOL as favorable despite its recent rejection from the $100 resistance level.
The Price of SOL Struggles at the $100 Level
Although there have been good signs for the Solana ETFs, the price of SOL has been pushed back from the resistance around $100. This shows that sellers are still active at high prices, preventing a clean breakout. Nevertheless, CoinMarketCap shows that the value is still up nearly 10% on the one-week chart as SOL surged from $87 to $95. This is a continuation of the monthly uptrend which saw the SOL price soaring over 15%.
The immediate resistance level to keep an eye on is $97.54 (the 0.5 Fibonacci level). Clearing this opens the path toward the major resistance level of $100. When it comes to long-term targets, SOL would then possibly reach $110. On the other hand, the immediate support for the price of SOL sits at $93. It must hold this level or face potential dips to the key support level of $90.
Technical Indicators Continue Showing Bullish Signals
At the moment, most of the technical indicators are in the green zone despite the failure of SOL to go past $100. According to Investing.com, the 13-day bull/bear power indicator has a value of 0.078 which is in the buy zone. This shows that buying pressure is now outweighing selling pressure as the price of SOL is above its 13-day average.
Not only that, the stochastic oscillator (9,6) now has a value of 64 which is also positive. This suggests that the closing price of SOL is in the upper half of its recent price range, showing upward momentum. This momentum may continue to rise given that the value is still below 80 (the overbought zone).
ETF Flows Are Becoming a Key Market Signal
The recent activity with Solana ETFs shows how institutional investors think about crypto in general. Seven days of inflows for crypto ETFs is big since it acts as evidence that institutional investors look at Solana as a long-term value investment even if the price is struggling at the $100 level at the moment.
If the price of SOL does break through this level soon, more ETF inflows could follow. However, it needs to flip the $97 resistance level to support for this bullish thesis to work out.