Solana ETFs Attract $9.7 Million in 24 Hours – Is SOL Headed for $200?

Solana's institutional demand is surging thanks to significant capital inflows into newly launched spot ETFs. With fresh infusions totaling $9.7 million in just 24 hours, Solana (SOL) is in a strong position to challenge the $200 price level if current trends continue.

Key Takeaways

Recent strong institutional interest in newly launched spot ETFs is contributing to Solana’s rally.
If the inflows into ETFs continue and technical analyses are favorable, SOL may target the $200 mark.
The U.S.-listed Solana spot ETFs have garnered $9.7 million in the last day, showcasing robust demand for the crypto asset.

Solana’s [SOL] institutional interest is gaining momentum once again. The newly introduced Solana spot ETFs in the U.S. recorded an impressive $9.7 million in inflows over the past 24 hours, marking a strong performance for these funds.

Recent updates from Farside indicate that BitwiseInvest's BSOL attracted $7.5 million, while Grayscale’s $GSOL garnered $2.2 million. Altogether, these two major Solana ETFs have collected a notable $294 million since their inception, establishing a strong foundation for a non-Bitcoin, non-Ethereum crypto ETF.

Solana ETF inflows
Source: Farside

Solana ETFs Surge in Demand as Funding Rate Turns Negative

Technical Indicators Suggest Continued Bullish Momentum

Examining Solana's daily price chart reveals that the token is gaining bullish momentum, especially after rebounding from a key support level around $150. This upward movement coincides with the recent ETF inflows, hinting that institutional buying may be mitigating price dips.

Moreover, the token's Stochastic RSI is recovering from an oversold condition, suggesting that Solana’s bullish trend could extend further. These favorable technical and on-chain indicators solidify a bullish outlook for Solana.

Solana price analysis
Source: TradingView

Increased Volatility in Solana's On-Chain Metrics

Delving into derivatives, Solana's Funding Rate was noted at -0.179 at press time. This negative rate indicates that holders of long positions are paying to maintain their positions, reflecting a strong belief in potential price increases and enhancing the bullish sentiment.

Additionally, aggregated short liquidations have surged to $2.636 million in the last 24 hours, according to Coinalyze. This spike suggests that short sellers are facing pressure as prices recover, often paving the way for further increases.

The combination of a negative Funding Rate and rising short liquidations could signal a shift in market sentiment, indicating that bearish traders may be reconsidering their positions.

Solana Short liquidations
Source: Coinalyze

Outlook: Will Institutional Inflows Sustain the Momentum?

The pressing question for Solana investors is whether this institutional backing will translate into lasting price growth. Should the current inflow levels persist, Solana could rally significantly as we move into November, especially if the overall crypto market stabilizes.

The daily chart reflects these developments clearly, as SOL's price appears to be building bullish momentum, with the $200 level becoming the next significant psychological benchmark to watch.