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Solana spot ETFs recorded their strongest weekly inflows since February, drawing $39.23 million in net capital as SOL traded near $97 after a 15% weekly rise. Bitwise’s BSOL led the market, while derivatives activity and buying pressure also increased across Solana trading venues.
Bitwise’s BSOL remained the main driver of Solana ETF inflows. The product has accumulated $861 million since launch, representing nearly 81% of total spot Solana ETF flows. Total cumulative inflows across spot SOL ETFs now stand near $1.06 billion. The latest weekly data showed that BSOL attracted about $36 million in net inflows.
Fidelity’s FSOL also added fresh capital, though at a smaller scale. The fund drew more than $1.8 million in additional inflows during the latest reporting period. The inflows come after Solana faced pressure from earlier network speed concerns. Even so, the latest ETF data shows renewed demand from large investors seeking exposure to SOL.
As a result, analysts view the trend as more than a short-term retail-driven move. The steady demand suggests that institutional interest in Solana continues to build.
Solana’s derivatives market also showed stronger activity this month. Futures open interest rose from $4.94 billion on May 1 to $6.4 billion. That move marked a 29.5% increase. It also showed that traders have returned to Solana through leveraged markets.
At the same time, spot cumulative volume delta climbed toward $250 million. It had stood near $163 million only five days earlier. Futures CVD also rose, reaching about $593.6 million after steady growth from May 5. The data points to stronger buyer activity across both spot and futures markets.
This buying activity came as SOL moved toward the $96 level. Traders continued to absorb sell-side liquidity during a volatile trading period.
Solana’s price action also gained attention after a breakout against Bitcoin. Analyst BATMAN said SOL broke out from a 231-day downtrend on the SOL/BTC chart. 'The rally we're seeing from Solana is not just a normal rally,' BATMAN wrote on X. He added that a retest of the nearest support zone could offer a continuation setup.
The breakout has placed Solana’s relative strength against Bitcoin at the center of market analysis. Technical analysts also point to a double-structure based on higher time-frame charts. They often treat this setup as a bullish reversal signal after long downtrends.
Read More: Solana ETFs Attract $1.5B Despite Major Price Crash
If the breakout is confirmed, analysts see room for Solana’s chart structure to target the $120 region. The outlook also gained support after SOL broke above its 100-day exponential moving average. Solana crossed that moving average for the first time since October 2025. Traders usually track this indicator as a sign that market momentum may be shifting toward buyers.
KiiChain also described the move as a possible structural change. 'Breakouts of long downtrends on relative pairs often signal structural change, not just short-term momentum,' the firm wrote. KiiChain added that continuation moves can develop after clean retests, provided Solana maintains its strength. For now, ETF inflows, open interest, and CVD data remain central to the market’s focus.
Solana’s latest rally gained support from strong ETF inflows, rising open interest, and increased buyer activity across spot and futures markets. Bitwise’s BSOL continued to lead demand, while SOL’s breakout against Bitcoin shifted attention toward the $120 region. Traders now watch whether momentum can hold after a clean retest.
