Solana (SOL) has dropped 14% from its all-time high of $295.83, which it hit on January 19. Even with this decline, many investors still feel optimistic. They’re easing up on taking profits, hinting at a possible rebound. This could mean SOL might test its all-time high again—and maybe even go beyond it.
Today, Solana is seeing a rise in net inflows into its spot markets. This shows that investors are getting interested again. Just a day before, SOL faced net outflows of $137 million, the highest it’s seen in the past month.
Thanks to these inflows, SOL’s price has jumped by 9% in the last 24 hours. When there are net inflows in a market, it means more people are buying than selling. This increased demand reflects growing confidence among investors and a shift toward accumulating more SOL.
On top of that, SOL’s Open Interest has gone up by 11% in the last day. It now stands at $7.25 billion. Open Interest shows the total number of outstanding derivative contracts that haven’t been settled yet. When this number rises during a price rally, it signals that more traders are getting involved. This indicates strong bullish momentum and suggests that the rally could continue.
Looking at the daily chart, the Relative Strength Index (RSI) for SOL shows increasing demand. Right now, the RSI is trending upward at 67.49.
The RSI measures whether an asset is overbought or oversold. It ranges from 0 to 100. If it’s above 70, the asset might be overbought and due for a correction. If it’s below 30, it could be oversold and ready to bounce back.
With an RSI of 67.49, SOL is in a good spot. It shows strong buying momentum but isn’t overbought yet. If accumulation continues, SOL could revisit its all-time high. However, if sell-offs increase, this bullish outlook could change. In that case, SOL’s price might drop to $239.39.