Journalist
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Key Takeaways
Solana’s rally is being driven by strong spot demand, with both retail investors and institutions showing aggressive accumulation. Futures markets remain cautious.
Solana [SOL] has been on a tear lately, and this time the rally isn’t just about hype or leveraged bets.
Galaxy Digital picked up SOL in huge numbers this week, showing just how strong spot demand has been. Even though Open Interest is climbing back near its January highs at $16.5B, Futures traders are still cautious.
Source: CoinGlass
That makes this move feel more like steady accumulation. With retail leading the charge and institutions holding steady, Solana could be setting up for a healthier uptrend.
Spot buyers step in, Futures stay cautious
Solana’s 90-day Spot Taker CVD showed steady, persistent buying pressure, a sign of accumulation by retail investors.
Source: Cryptoquant
In contrast, the Futures Taker CVD has stayed mostly flat; leveraged traders are neither leaning heavily long nor short.
Source: CryptoQuant
Retail participation is driving the move, while futures markets remain balanced. This is a setup that gives Solana’s rally a healthier foundation.
Institutions choose SOL
Big money isn’t staying out of this rally, either.
Just this week, Galaxy Digital bought $1.19 billion worth of SOL, adding weight behind Solana’s spot-driven momentum.
Source: X
Even more telling is how steady their inflows have been; in the last 10 hours alone, they picked up 325,000 SOL worth $78 million, following yesterday’s 933,000 SOL haul in just nine hours.
Institutional conviction is building alongside retail demand.
RSI stretched but momentum stayed firm
At press time, Solana traded at $247.25, holding close to the upper end of its recent rally.
The RSI placed SOL firmly in overbought territory, yet showing no immediate signs of reversal pressure. Meanwhile, OBV climbed steadily, proving that the move was backed by strong buying interest.
Source: TradingView
The consistent series of higher candles showed intact bullish momentum, even as price approached the $250 mark. Overall, SOL’s short-term outlook remains robust, but a cooling phase is possible.
