Crypto
Solana Price Ready to Break Out? SOL ETFs Just Flipped Green
Solana cleared its $76 to $77 range and ran to $79.05 while Bitwise pulled the first ETF inflow in four sessions. Van de Poppe sees $88 to $89.
21h ago 4,280
BLOCKINSIDERLoadingSolana cleared its $76 to $77 range and ran to $79.05 while Bitwise pulled the first ETF inflow in four sessions. Van de Poppe sees $88 to $89.
Solana spent most of August pinned under $77. That changed this week. SOL traded around $78.50 after clearing the range it had been stuck in, and the US spot funds tracking it finally took money in again on August 18.
Michaël van de Poppe wrote on X that the picture on SOL "looks phenomenal." His argument leans on Bitcoin. He expects BTC to chop sideways for a while. If it climbs instead, then according to him, that would be more liquidity waiting to rotate into altcoins.
He stated that a break of the highs puts $81 in play as the first stop, though he thinks $88 to $89 is where SOL is more likely to end up. He also expects a price move like that to drag on-chain activity along with it.
The ETF side is the part that changed overnight. US spot SOL ETFs recorded $1.58M in net inflows on August 18. That was the first positive day since August 11. The four sessions before it (August 12, 13, 14, and 17) had all printed zero.
All of that money went to one fund. Bitwise's BSOL took in the full $1.58M, or 20.53K SOL, and now sits at $901.79M in cumulative net inflows. Fidelity's FSOL, Grayscale's GSOL, VanEck's VSOL and the rest all logged nothing. 21Shares' TSOL is still at negative $102.19M cumulative.
Across the whole group, cumulative net inflows sit at $1.16B and total net assets came in at $923.57M.
August has generally not been a great month for the ETFs. $10.26M for the week ending August 14, $144.93K the week before that, an outflow day on August 6.
The 1H chart shows that SOL built a sequence of higher lows from $74.10 to $76.30 to $77.00, then broke the $76.30 to $77.00 level and ran to $79.05.
MACD backs it up. DIF sits at 0.46 against a 0.33 DEA line, with the histogram at +0.26 and widening.
The problem is RSI. The 6 period reading is 89.02, the 12 period is 78.63, and the 24 period is 69.78. In the short term, Solana is stretched. Open interest has climbed hard alongside price too, with SOL futures OI around $5.2B, the highest since mid July.
The main level to watch is an hourly close above $79.05 with volume behind it. That opens $80 and the $81 to $82 zone. The invalidation is a loss of $76.30, which would undo the breakout structure.
Hitting the $89 level needs more than one hourly candle. SOL has to close above $79.05, take $80 and turn it into support, then work through $81 to $82 and the $85 area, where sellers have shown up before.
That path also needs Bitcoin to stay calm and the ETF bid to keep showing up. One $1.58M day does not do it.
Considering the current market condition, the healthiest move is when Solana consolidates between $77 and $79, the RSI cools off, and then buyers take another run at the high. Chasing $78.50 with a 6-period RSI near 89 is how people end up buying the local top.
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