Solana Attracts ETF Funds…Is This the Direction-Defining Phase?

▲ Solana (SOL)/AI generated image ©

Solana is once again climbing above the $87 resistance level, which it had been stuck below for several weeks, drawing significant market attention. With positive news accumulating, such as inflows into spot ETFs and the resolution of regulatory uncertainties, analysis suggests that the next direction could largely depend on whether it breaks through this level or fails.

According to the investment media outlet TradingNews on April 21 (local time), Solana (SOL) is trading around $85.27, retesting its 50-day Exponential Moving Average (EMA) of $87.10. Solana spot ETF funds have seen inflows 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 catalysts surrounding Solana are also considerable. The US Securities and Exchange Commission (SEC) and the US 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 stablecoin supply within the network has increased by approximately 15 times since January 2025, reaching $3.8 billion, and it has ranked first in dApp revenue among blockchains for 5 consecutive weeks. Its revenue for the last 7 days was $16.94 million.

The key on the chart is $87.10. This level is considered a turning point that could break the mid-term downtrend. If it breaks this line on a closing basis, $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, there are also clear negative factors. The Drift Protocol hack resulted in $285 million in damages, and the KelpDAO bridge hack intensified USDC liquidity pressure within the Solana ecosystem. Added to this, Middle East tensions surrounding the Strait of Hormuz are shaking investor sentiment across all risk assets. Ultimately, Solana stands at a juncture where fundamental improvements and ecosystem security risks are clashing head-on.

Nevertheless, the long-term outlook still leans towards bullish. Standard Chartered has set a target price of $250 for 2026, and Du Prime projected $336. The media evaluates that while an $81.50-$89.50 range-bound strategy is effective for now, 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.*