Solana (SOL) trades at $73.38 on Friday, with a decline of 0.93% in the last 24 hours, testing the trendline support of the symmetrical triangle pattern. SOL-focused extra-traded funds (ETFs) recorded inflows for the second consecutive session. The daily trading volume of SOL fell 8.64% to $1.63 billion, with a market cap of $42.61 billion.
According to SoSoValue, US spot SOL ETFs recorded $403,890 in net inflows on Thursday. This week, SOL witnessed mixed ETF sentiment as it recorded $18.07 million in net outflows on Tuesday, which were offset by Wednesday’s $19.06 million.
According to CoinGlass, the funding rate climbed to 0.0052%, up from 0.0041% the previous day, signaling increased demand among buyers for long positions.
A nearly 25% drop in volume in the last 24 hours, down to $5.20 billion, and with SOL futures Open Interest easing by roughly 1% to $4.36 billion, implies a decline in activity, while the notional value of the active contracts remains steady.
On-chain data from DefiLlama reveals a cooling in Solana’s DeFi ecosystem. PumpSwap saw fees drop 28.1% over the past day and 31.54% over 30 days. Raydium AMM posted a 17.81% daily fee decline and a more significant 35.24% drop over 30 days.
Orca DEX was down 50.26% over the past 30 days. When users trade less actively on-chain, demand for SOL as a gas and staking asset weakens alongside it. However, HumidiFi supported by a 32.87% increase in fee growth over 7 days, and BisonFi surged 145.05% week-over-week.
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Solana keeps a mixed near-term bias as price moves toward the upper end of the symmetrical pattern on the daily chart. SOL price is supported by a rising trendline near $72.95, while the overhead trendline coincides with the 50-day Exponential Moving Average (EMA) at $76.07.
The Relative Strength Index (RSI) at 43.69 on the daily chart suggests modest downside pressure, and the Moving Average Convergence Divergence (MACD) hovers below its signal line, hinting that rallies remain vulnerable.
On the upside, a sustained close above the overhead cluster near the 50-day EMA at around $76.09 could target $93.61. Immediate support comes from the rising trendline around $72.95. A daily close below this area would expose weakness toward $67.50.
A symmetrical triangle reflects a period of consolidation where buyers and sellers are evenly matched. A breakout above the upper trendline or a breakdown below support could determine Solana's next major price direction.
According to SoSoValue, US spot Solana ETFs recorded $403,890 in net inflows on Thursday after mixed flows earlier in the week. This suggests institutional interest remains steady despite broader market volatility.
According to CoinGlass, Solana's funding rate increased to 0.0052% from 0.0041%, indicating that traders are increasingly willing to pay a premium to maintain long positions, reflecting improving bullish sentiment.
DeFi activity has cooled, with protocols such as PumpSwap, Raydium, and Orca reporting lower fee generation over recent weeks. However, projects like HumidiFi and BisonFi have bucked the trend with strong weekly fee growth.
Immediate support lies near the rising trendline around $72.95. On the upside, the first major resistance is the 50-day EMA near $76.09. A breakout above this level could target $93.61, while a break below support may expose $67.50.