Solana: ETF Funds Pour In…Is This the Direction-Determining Zone?

▲ Solana (SOL)/AI Generated Image ©

Solana is once again rising to the $87 resistance line, which it has been stuck at for several weeks, drawing market attention. With positive factors accumulating, such as the inflow of spot ETF funds and the resolution of regulatory uncertainties, analysis suggests that its next direction could significantly diverge depending on whether it breaks through this level or fails.

According to TradingNews, an investment media outlet, on April 21 (local time), Solana (SOL) is trading around $85.27 and is retesting the 50-day exponential moving average (EMA) of $87.10. Solana spot ETF funds have flowed in for 5 consecutive trading days recently, with $3.28 million coming in on Monday alone. The inflow for the previous week was $35.17 million.

The long-term factors surrounding Solana are also significant. The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) classified SOL as a digital commodity in March 2026, and since then, Solana spot ETF net assets have exceeded $800 million. The supply of stablecoins within the network has surged by approximately 15 times since January 2025, reaching $3.8 billion, and it has ranked first in dApp revenue among blockchains for the past 5 consecutive weeks. Revenue for the recent 7 days was $16.94 million.

On the chart, the key level is $87.10. This level is considered a turning point that could break the mid-term downtrend. If it breaks this line based on closing price, $92.11 and then $97.06 are suggested as the next targets. Conversely, if it fails to rise, support around $84 needs to be reconfirmed, and if $81.50 breaks, it could open up to $78.52, and further down to $76.30. The RSI is neutral around the 50-line, and the ADX is weak, making it difficult to say a strong trend has formed yet.

However, negative factors are also clear. The Drift Protocol hack resulted in $285 million in damages, and the KelpDAO bridge hack increased USDC liquidity pressure within the Solana ecosystem. In addition, rising Middle East tensions surrounding the Strait of Hormuz are shaking investment sentiment across all risk assets. Consequently, Solana is at a juncture where fundamental improvements and ecosystem security risks are directly clashing.

Nevertheless, the long-term outlook still leans towards bullishness. Standard Chartered set a target price of $250 for 2026, and Two Prime projected $336. The media outlet evaluated that while a range-bound strategy between $81.50 and $89.50 is currently valid, structurally, with the securing of commodity status, ETF fund inflows, and increasing network usage, the mid-to-long-term upward potential remains alive.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*