Key Takeaways
- Solana rallied more than 19% over the past week, reaching a peak of $91
- The US Treasury’s decision to double buyback operations enhanced liquidity conditions, sparking renewed risk appetite in crypto
- Spot SOL ETFs saw $14.58M in net inflows on Thursday, marking the largest single-day amount since late July
- Derivatives activity exploded with futures volume rising 177% to $13.7B and open interest reaching $5.66B
- Critical technical level at the 200-day EMA (~$89) must hold; breakthrough could target $96ā$100 zone
Solana has delivered an impressive performance over the past seven days. The cryptocurrency gained over 19%, pushing as high as $91 before settling back near $89. This rally coincided with improving market sentiment following a major liquidity announcement from US Treasury officials.
The Treasury Department revealed plans to expand its buyback program for longer-maturity government securities, increasing operation sizes from $2 billion to a minimum of $4 billion. This development alleviated liquidity pressures and encouraged greater risk-taking across traditional and digital asset markets. Solana responded with a single-day surge exceeding 10% on Wednesday.
The institutional appetite for SOL has strengthened alongside the price action. According to SoSoValue tracking data, spot Solana ETFs attracted $14.58 million in net inflows on Thursday. This represented the strongest daily performance since the final days of July and extended a three-day streak of positive flows.
Derivatives Markets Signal Strong Conviction
The rally hasn’t been solely retail-driven. Futures trading volume for Solana exploded to approximately $13.7 billion, representing a dramatic 177% increase. Meanwhile, open interest expanded roughly 7.9% to reach $5.66 billion. Options activity skyrocketed by more than 400%. These metrics indicate sophisticated traders are making significant positioning changes rather than simply riding general market momentum.
Cryptocurrency analyst Ash Crypto observed on X that SOL achieved its strongest daily close in a three-month period, emphasizing how this weekly performance distinguishes itself even amid the wider market rebound.
For weeks, SOL remained confined within a tight $70 to $80 corridor, with sellers consistently rejecting upside attempts. The decisive break above the $78ā$80 resistance barrier, followed by the extension toward $91, marks a meaningful transformation in market structure.
Critical Price Zones Ahead
Technically, Solana is testing its 200-day EMA, currently positioned around $89. The Relative Strength Index stands near 79, indicating overbought conditions, though the MACD continues showing bullish signals. The 50-day and 100-day EMAs at $76.91 and $78.63 have flipped to support.
Looking upward, the immediate resistance targets include $96.19, followed by the psychologically significant $98ā$100 area. For bears, reclaiming control below $80 would be essential. Failure to maintain that threshold could expose the $70ā$72 support zone once again.
Solana reached an intraday peak of $91 during this week’s session and currently trades around $89, maintaining its position above the critical 200-day exponential moving average.
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