Key Highlights
- Solana has gained 12% over the last month, currently hovering near $77
- ETF capital flows reached a two-week peak, with BSOL receiving $5.83M
- Inactive wallet activity on Solana decentralized exchanges jumped 400% week-over-week
- Critical resistance level established at $78; surpassing $97.89 may trigger a rally toward $120–$130
- Technical indicators show a bullish MA crossover, indicating accumulating buy-side momentum
Solana has posted impressive gains of 12% during the last 30-day period, securing its position as the strongest performer among the top five cryptocurrencies by market capitalization. Currently, SOL is exchanging hands around the $77 mark, accompanied by daily trading activity totaling $1.61 billion.
Daily transaction volumes have experienced a modest decline from $2.2 billion down to $1.7 billion following a four-day consecutive upward price movement. The cryptocurrency market seems to be consolidating after its recent advance.
Capital flows into Solana-focused exchange-traded funds shifted into positive territory this week, with approximately $7.2 million entering SOL-based investment products. Leading the charge was the Bitwise Solana Staking ETF (BSOL), which attracted $5.83 million on July 21 — marking its strongest single-day performance in a fortnight.
The subsequent trading session witnessed outflows totaling $1.27 million, representing approximately 25% of the previous day’s inflows. Monthly net inflows for July have reached nearly $12 million, a stark contrast to June’s $786,000 net exodus.
However, July’s momentum represents an 86% decrease compared to May, when Solana ETFs attracted $115 million while SOL was valued around $80.
Inactive Wallets Make Comeback
Previously inactive wallet addresses returning to Solana’s decentralized exchange ecosystem reached 62,000 during the past week, climbing from under 20,000 in the preceding period. This represents a remarkable 400% surge and marks the highest returning participant count recorded in more than twelve months.
The stablecoin reserves on Solana’s network have also achieved a fresh record high of $17 billion, based on data from DeFi Llama. Meanwhile, application fee generation continues to languish at levels not seen in two years.
Digital asset analyst Michaël van de Poppe shared on X that SOL is “holding the range low” and forecasted it’s “just a matter of time” before the cryptocurrency accelerates toward the $120 threshold. Van de Poppe has identified the $75 zone as a crucial support foundation for SOL.
Critical Price Thresholds Under Observation
A significant moving average crossover has materialized, with the shorter-term MA climbing above its longer-term counterpart — a configuration that market participants monitor for potential trend reversals. The Relative Strength Index is also positioned above the midpoint, indicating strengthening buyer interest.
SOL must establish a close above the $97.89 level to transform its market structure from bearish to bullish. Trading beneath this threshold maintains the technically bearish pattern.
Should Solana successfully pierce through the $78 resistance barrier, market analysts are targeting the $90–$95 zone as the subsequent objective, where the 200-day exponential moving average is currently positioned. A sustained advance beyond $97 could propel prices into the $120–$130 territory.
The Crypto Fear and Greed Index currently registers at 39, hovering near Neutral sentiment. More than half of the analysts monitored by FedWatch anticipate a 25 basis point Federal Reserve rate increase by September, which may constrain upside potential for alternative cryptocurrencies in the immediate term.
Combined Solana and Hyperliquid ETF products represent nearly 80% of non-Bitcoin/Ethereum ETF trading volume, with aggregate Solana ETF assets under management nearing the $1 billion milestone.
