Solana extended its rally on Monday, trading around $111.74 after gaining nearly 12% last week.
The advance coincides with growth in the network’s tokenized equity ecosystem and continued inflows into SOL investment products.
In a Sunday post, Solana said tokenized equities on its network had reached an all-time high of 850,000 unique onchain holders. The figure points to broader participation in products that represent equities on a blockchain.
Growth in tokenized assets could support activity across the Solana network over time. However, the holder milestone alone does not establish how much demand it has created for SOL.
SOL ETFs extend weekly inflow streak
Institutional demand has also contributed to the positive outlook. Spot SOL exchange-traded funds recorded $13.19 million in net inflows last week, according to CoinGlass.
That marked a 12th consecutive week of inflows dating back to early July. Continued purchases through the funds could help sustain demand for SOL, although weekly flows can change quickly.
Retail interest has also increased substantially in recent days. The futures market recorded $8.17 billion in 24-hour volume, according to CoinGlass.
The 24-hour futures volume was more than ten times the $762.76 million in spot volume shown on the CoinGlass page.
That gap indicates that derivatives trading accounts for a substantial share of the activity surrounding SOL’s latest move. High futures turnover can amplify short-term price swings, particularly when traders use leverage.
Solana’s open interest stood at $6.72 billion. Open interest measures the value of outstanding futures positions, making it a useful gauge of market exposure.
Its level alone, however, does not show whether traders are predominantly betting on further gains or preparing for a reversal.
The long-to-short ratio also reads 1.0032, indicating that there are more bullish traders in the market.
Finally, the funding rate of 0.0095% shows that traders holding long positions are paying those holding short positions.
Momentum indicators favor further gains
SOL holds above its 50-day, 100-day, and 200-day exponential moving averages, keeping its broader upward trend intact. An ascending support line has also been tested near the current price area.
The Relative Strength Index is in the mid-60s, indicating firm momentum while remaining below the commonly watched overbought level of 70.
The Moving Average Convergence Divergence line is above its signal line in positive territory, another sign that buyers retain near-term control.
The next major upside level is $120. A sustained close above it could strengthen the case for further gains, while a rejection could prompt consolidation after last week’s sharp rise.
The first support area sits around $111. If SOL slips that level below, the next zone is just under $96, where horizontal support and the 50-day EMA converge.
The 200-day EMA near $93 and the 100-day EMA around $90 provide further potential support. A deeper correction could bring the broader structural floor near $77 back into view.
For now, SOL’s position above its moving averages and the continuing ETF inflow streak support the bullish outlook, with $120 serving as the next test.
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