Key takeaways:
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Solana futures open curiosity hit $16.6 billion, and its perpetual futures funding charges are steady, hinting at additional worth upside.
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Spot-driven rally pushes SOL worth, bolstered by Galaxy and Forward Industries’ purchase demand.
Solana (SOL) is posting one in every of its strongest weeks of 2025, gaining 17% previously seven days, trailing solely Dogecoin and Hyperliquid among the many prime 20 crypto property. The surge places SOL on monitor for its highest weekly candle shut since January, fueling hypothesis over a push towards the $300 stage.
CoinGlass information exhibits SOL futures open curiosity (OI) hit a report $16.6 billion on Friday. However, perpetual funding charges stay steady regardless of the soar in OI. This is a constructive sign, suggesting positions should not overly leveraged, leaving room for added upside if momentum continues.
Market construction provides weight to the bullish case. Net taker quantity leans buy-heavy, exhibiting extra aggressive consumers stepping in. However, aggregated futures cumulative quantity delta (CVD) stays flat, which means lengthy and quick positions are balanced even at report OI ranges.
On the opposite hand, spot CVD is climbing greater, highlighting that the rally is spot-driven slightly than futures-driven, usually taken as a more healthy setup.
Arkham Intelligence famous that Galaxy Digital has begun executing a serious SOL buy program on behalf of Multicoin Capital’s Solana DAT (Designated Allocation Trust).
On Sept. 12, Galaxy acquired $326 million in SOL for the belief. Arkham notes the car nonetheless has important dry powder with $354 million in stablecoins and as much as $1 billion in money, earmarked for additional SOL purchases.
This improvement follows the Forward Industries replace, the place the Nasdaq-listed firm introduced a $1.65 billion SOL-native treasury, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Forward Industries is the primary Nasdaq firm elevating institutional capital to deploy immediately on Solana, signaling a rising wave of company adoption.
Related: Bitcoin in consolidation as treasuries eye altcoins: Novogratz
SOL at $250 stays the important thing line within the sand
SOL presently trades 15% beneath its all-time excessive of $295, with the $250 stage as the important thing pivot level. This stage carries multi-year significance, having acted as a weekly closing zone/resistance on three separate events since 2021.
In November 2024 and January 2025, SOL briefly traded between $275 and $295 however pulled again to shut close to $250, highlighting $250 as a key stage the place profit-taking has occurred. Thus, the pattern suggests the same threat of provide strain resurfacing on this zone.
However, the current market features a SOL Strategic Reserve, drawing comparisons to Ethereum’s institutional backers. This reserve may mitigate sharp reversals, offering institutional-grade liquidity that alters the normal dynamics round resistance ranges.
From a momentum standpoint, the relative energy index (RSI) conduct can be notable. Previously, when SOL neared $295, the RSI moved into overbought ranges. This time, RSI hasn’t reached these extremes, suggesting the rally should have room to run.
If SOL can safe a powerful weekly shut above $250 and ensure with consecutive closes above that stage, it could seemingly shift market sentiment. This would open the trail towards retesting $295, with the prospect of coming into worth discovery past $300 in This fall.
Related: ETH builds $7.5B base as analysts predict $6,500 Ether by year-end
This article doesn’t comprise funding recommendation or suggestions. Every funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a choice.
