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, strengthened by Galaxy and Ahead Industries’ purchase demand.
Solana (SOL) is posting one in every of its strongest weeks of 2025, gaining 17% prior to now seven days, trailing solely Dogecoin and Hyperliquid among the many prime 20 crypto belongings. The surge places SOL on monitor for its highest weekly candle shut since January, fueling hypothesis over a push towards the $300 degree.
CoinGlass knowledge reveals SOL futures open curiosity (OI) hit a report $16.6 billion on Friday. Nevertheless, perpetual funding charges stay steady regardless of the bounce in OI. This can be a constructive sign, suggesting positions aren’t overly leveraged, leaving room for extra upside if momentum continues.
Market construction provides weight to the bullish case. Internet taker quantity leans buy-heavy, exhibiting extra aggressive consumers stepping in. Nevertheless, aggregated futures cumulative quantity delta (CVD) stays flat, that means lengthy and brief positions are balanced even at report OI ranges.
However, spot CVD is climbing increased, highlighting that the rally is spot-driven reasonably than futures-driven, typically 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 Belief).
On Sept. 12, Galaxy acquired $326 million in SOL for the belief. Arkham notes the automobile 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 Ahead Industries replace, the place the Nasdaq-listed agency introduced a $1.65 billion SOL-native treasury, backed by Galaxy Digital, Soar Crypto, and Multicoin Capital.
Ahead Industries is the primary Nasdaq firm elevating institutional capital to deploy immediately on Solana, signaling a rising wave of company adoption.
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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 degree as the important thing pivot level. This degree 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 degree the place profit-taking has occurred. Thus, the pattern suggests an analogous danger of provide strain resurfacing on this zone.
Nevertheless, 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 standard dynamics round resistance ranges.
From a momentum standpoint, the relative power index (RSI) habits can be notable. Beforehand, when SOL neared $295, the RSI moved into overbought ranges. This time, RSI hasn’t reached these extremes, suggesting the rally should still have room to run.
If SOL can safe a robust weekly shut above $250 and make sure with consecutive closes above that degree, it will seemingly shift market sentiment. This is able to open the trail towards retesting $295, with the prospect of getting into worth discovery past $300 in This fall.
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This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
