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Solana Price Holds Steady Amid Strong Technicals and ETF Inflows
Solana (SOL) has captured the attention of investors this week as its price stabilized, reflecting improving sentiment across the crypto market. As of November 28, the Solana token climbed to $145, marking an 18% increase from its lowest point this month. Analysts are now pointing to both technical and fundamental factors that could drive SOL toward a potential surge of roughly 80% from its recent lows.
Technical Indicators Point to a Rebound
Chart analysts are closely watching Solana’s daily timeframe, which shows the token forming a falling wedge since September 25. This pattern, characterized by two descending and converging trendlines, often signals a potential upward breakout.
Notably, SOL has already moved above the upper boundary of the wedge, suggesting that the market may be ready for a rebound. Technical momentum indicators add weight to this bullish outlook. The Relative Strength Index (RSI), which was deeply oversold at 28, has now climbed to 44, surpassing the descending trendline connecting the highest swings since September 18.
The Percentage Price Oscillator (PPO) has also registered a bullish crossover, further indicating that upward momentum could continue. Together, the wedge breakout, RSI improvement, and PPO crossover create a compelling technical case for SOL potentially testing its September high of $253—an increase of approximately 80% from this year’s low.
Solana’s Fundamentals Remain Strong
Beyond charts, Solana’s market strength is supported by robust fundamentals. According to data from Nansen, Solana is currently the most active blockchain network in the crypto industry. Transaction volumes surged 16% over the past 30 days, reaching 1.84 billion, a figure surpassing the combined activity of Ethereum, BNB Smart Chain, Base, and Arbitrum.
Active addresses also climbed 13% in the same period, totaling over 63.1 million, highlighting growing user engagement on the Solana network.
In addition to network activity, derivatives markets indicate increasing investor interest. Data from CoinGlass shows that Solana’s futures open interest has risen to $7.5 billion from this month’s low of $6.6 billion. A rising open interest often signals that traders are deploying leverage, which can support upward price movements.
ETF Inflows Highlight Institutional Interest
Institutional and retail investors are also showing continued confidence in Solana through exchange-traded funds. Spot SOL ETFs have accumulated over $613 million in inflows, bringing total holdings to $917 million. These ETFs currently represent 1.15% of Solana’s market capitalization, and analysts suggest that increasing this proportion closer to Ethereum’s 5% ETF holdings could push total SOL ETF assets to over $4 billion.
This inflow signals ongoing accumulation by American investors, reflecting growing institutional support for Solana as a prominent layer-1 blockchain.
Market Sentiment Strengthens
The broader crypto market sentiment has contributed to Solana’s recent stability. Investor confidence is gradually recovering, and market participants are increasingly “buying the dip”, which has supported SOL’s price resilience in recent weeks.
With technical indicators pointing to a bullish reversal and fundamentals reinforcing its network growth and institutional appeal, Solana is positioning itself as one of the most closely watched tokens heading into the final weeks of the year.
Solana’s price momentum, combined with rising transaction activity, active addresses, and ETF inflows, paints a picture of a blockchain that is steadily gaining traction. While the crypto market remains volatile, the convergence of strong technical signals and solid fundamentals highlights SOL as a token to watch as it navigates this period of market recovery.
