Solana (SOL) has attracted over $90 million in exchange-traded fund inflows this month, pushing the token to a four-month high while bucking a broader trend of outflows from larger cryptocurrencies.
"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," Milko Trajcevski at Investing.com said, noting the inflows have continued even as SOL's price struggles to break $100.
Data from SoSoValue shows a seven-day streak of positive inflows for Solana ETFs ending May 13, with the Bitwise BSOL ETF and Fidelity’s FSOL ETF leading the demand. The funds took in a combined $45.64 million on May 11 and May 12 alone. This institutional interest contrasts sharply with Bitcoin ETFs, which bled over $841 million in the same week, according to beincrypto.com data. Ethereum-based funds also experienced a slowdown.
The sustained demand for Solana ETFs suggests a growing conviction from institutional investors in the chain's long-term value, even as the price faces resistance at the $100 psychological level. A break above the $97.50 Fibonacci level could signal further upward momentum, while failure to hold the $93 support may see a retest of lower levels near $90.
The influx of capital has helped push the price of SOL on Solana up nearly 10% over the past week and over 15% on the month, with the token trading near $95 as of May 14. Technical indicators remain bullish, with the 13-day bull/bear power indicator in the buy zone, according to Investing.com. The performance places Solana at the head of the altcoin ETF pack for May, outperforming products for other assets like XRP and Dogecoin.
This article is for informational purposes only and does not constitute investment advice.
