Solana price consolidates for nearly four weeks, ETF capital inflows spark market attention
March 2 News: Solana (SOL) price fluctuated between $84 and $85, consolidating for four consecutive weeks and failing to break through the $77 to $88 range. Despite the stable price trend, institutional investor interest remains strong. Since the beginning of the year, U.S. spot Solana ETFs have seen over $900 million in total inflows, with $44.44 million inflowing last week, including $30.86 million on Wednesday alone, indicating continued confidence from institutions in SOL.
However, retail trader sentiment remains cautious. Open interest in SOL futures has decreased by over 6% in 24 hours, down to $4.89 billion, with total liquidations reaching $26.47 million, of which $20.47 million were long positions. This suggests that long positions are being heavily liquidated, but funding rates remain between 0.0037% and 0.0041%, meaning long leverage positions still pay a premium.
On the technical side, SOL’s price is below the 50-day and 200-day moving averages (at $99.06 and $137.23 respectively), forming resistance levels. The daily Bollinger Bands are converging, typically indicating upcoming significant volatility. The Relative Strength Index (RSI) is around 43, and the MACD histogram shows weakening bearish momentum, though no clear bullish crossover has occurred. Analyst Umair Crypto noted that SOL/USDT highs are declining while BTC pairs are rising, a divergence that has persisted for 24 days.
On-chain data shows that over the past 12 days, Solana’s daily new addresses increased by 1.4 million, reaching a total of 8.6 million, indicating rising user activity. Long-term holders remain net positive, with buying momentum slowing but market resilience strengthening.
Key price levels: If SOL breaks above $88 and surpasses $93.43, the next target is near the 50-day moving average at $99, with further upside potential toward the $137 resistance. Support is at $77; a break below could lead to a decline toward the February 6 low of $67.50. Trading volume has decreased by 5.77% to $12.2 billion, and open interest has fallen by 3.73% to $4.88 billion.
This consolidation phase and ETF capital inflow trend may provide potential momentum for SOL’s future breakout. Investors should monitor short-term technical signals and on-chain user growth.
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Data: The US SOL spot ETF had a total net inflow of $17,409,000 on the day.