- Solana is gaining strength as ETF inflows, record $17 billion stablecoin supply, and growing network activity boost investor confidence.
- Technical indicators also suggest SOL could see further upside if it breaks above key resistance levels.
Solana (SOL) traded around $76.55 after Solana-linked ETFs attracted $7.2 million in weekly inflows and the network’s stablecoin supply climbed to a record $17 billion. Rising on-chain activity, including over 18 million weekly active addresses and $5 billion in DeFi TVL, has strengthened the case for a potential breakout above key resistance.
ETF Inflows Boost Solana Demand
Solana ETFs continue to attract investors. According to market data, these products recorded $7.2 million in inflows this week and nearly $12 million throughout July.
The steady inflows suggest both institutional and retail investors are increasing their exposure to Solana. Additional support came from Cathie Wood’s ARK Invest, which recently expanded its holdings through three Solana-focused ETFs.
The increased investment has strengthened confidence in SOL as more capital flows into the ecosystem.
Record Stablecoin Supply Signals Growing Network Activity
Solana’s blockchain continues to see strong user engagement.
The network’s stablecoin supply has reached a record $17 billion, reflecting higher on-chain liquidity and increased transaction activity. At the same time, Solana recorded more than 18 million weekly active addresses, highlighting steady user participation.
Its decentralized finance (DeFi) ecosystem also remains healthy, with approximately $5 billion in total value locked (TVL). These figures suggest that activity on the network continues to grow beyond price speculation.
Technical Indicators Point to More Upside
At the time of writing, SOL trades around $76.55, up just over 2% in the past 24 hours.
The price remains above its 20-period and 50-period moving averages, showing that buyers remain in control over the short and medium term. However, SOL still trades below its 200-day moving average, indicating the longer-term trend has not fully turned bullish.
Momentum indicators also favor buyers. The MACD and ADX continue to flash buy signals, while the RSI sits at 67.17, approaching overbought territory without yet signaling exhaustion.
Immediate support is located around $75.92, which traders will closely monitor if the price pulls back.
Can Solana Break Above Resistance?
Analysts expect SOL to trade between $75.33 and $78.23 over the next few days. Current market conditions suggest the chances of an upward breakout remain stronger than the risk of a decline.
A move above resistance could trigger another wave of buying and increase market volatility. On the other hand, losing support near $75.92 may lead to short-term selling pressure before buyers attempt another recovery.
Growing ETF demand, record stablecoin liquidity, and strong network activity continue to support Solana’s outlook. If buying pressure remains steady, SOL could be well positioned to extend its recent gains in the near term.
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