Bitwise's Solana Staking ETF bought 75,714 SOL in a single day, worth $5.83 million, the biggest daily inflow across Solana ETFs in two weeks. That alone got traders talking. Then, the very next day, those same ETFs logged outflows of 16,400 SOL, just under $1.27 million, which is less than a quarter of what came in the day before. Two sessions, two very different signals.
SOL itself was trading around $77 at the time of writing, stuck below the recent lower high at $97. Daily volume had climbed to $1.61 billion, which suggests money is moving even if the price isn't breaking out yet. Total assets under management across Solana ETFs are closing in on $1 billion, and together with Hyperliquid, these two assets account for roughly 80% of all non-BTC/ETH ETF volume. For context, that's the kind of corner Solana has carved out while most altcoins are still fighting for shelf space, similar to the dynamic Bitcoin ETFs showed earlier this year when inflows stayed strong even through price dips.
The wallets that went quiet are waking up
On-chain, something shifted last week. Dormant wallets returning to Solana decentralised exchanges jumped to 62,000, up from fewer than 20,000 the week before. That's a 400% increase in returning users, and it's the highest figure recorded in over a year. Dormant wallet reactivation tends to precede volume spikes rather than follow them, so analysts are treating this as a leading indicator rather than a lagging one.
A crypto analyst tied these two threads together, arguing that ETF capital and on-chain activity are both starting to build the case for a move toward $120. The technicals are pointing in the same direction: SOL formed a base around $75 after briefly sweeping liquidity below that level, and a moving average cross has appeared, with the faster MA climbing above the slower one. That kind of cross doesn't guarantee anything, but it does change the shape of the chart.
What actually needs to happen
The $120 to $130 target only becomes realistic if SOL closes above $97.89 on a daily basis. That's the level analysts are watching as the structural inflection point. Below it, the trend technically stays bearish, even with $75 reclaimed. The RSI was sitting above the neutral 50 line, indicating net buying pressure, but that's supportive rather than decisive on its own.
The consolidation range between $75 and $97 has been in play for a while now. Breaking the upper boundary with conviction would be the clearest sign that the bullish structure is something more than a relief rally.
This article is for informational purposes only and does not constitute financial advice. Crypto assets are volatile; always do your own research before making investment decisions.
