Solana extended its rally on Monday, trading around $111.74 after gaining nearly 12% last week. The advance coincides with growth in the network’s tokenized equity ecosystem and continued inflows into SOL investment products.
In a Sunday update, Solana said tokenized equities on its network reached an all-time high of 850,000 unique onchain holders. The milestone points to broader participation in blockchain-based equity products, though it does not by itself establish how much direct demand it has created for SOL.
Institutional demand has added to the positive backdrop. Spot SOL exchange-traded funds recorded $13.19 million in net inflows last week, according to CoinGlass, extending a streak dating back to early July. Retail and derivatives activity has also surged: 24-hour futures volume hit $8.17 billion, more than 10 times the $762.76 million in spot volume shown on CoinGlass.
Open interest stood at $6.72 billion. The long-to-short ratio read 1.0032, indicating slightly more bullish positioning, while the funding rate of 0.0095% showed longs paying shorts. High futures turnover can amplify short-term price swings, especially when traders use leverage.
From a technical perspective, SOL holds above its 50-day, 100-day and 200-day exponential moving averages. The Relative Strength Index sits in the mid-60s, below the commonly watched overbought level of 70, and MACD remains above its signal line in positive territory. The next major resistance is $120; a sustained close above it could strengthen the case for further gains, while a rejection may prompt consolidation. Initial support is near $111, followed by just under $96, with further supports around $93 and $90. A deeper correction could bring the structural floor near $77 into view.
For now, the combination of bullish technicals and continued ETF inflows supports the upside case, with $120 acting as the next key test.
