Solana price is up 3.79% over the past 24 hours, trading near $87.55, with a market cap of $49.87 billion. The move follows a completed liquidity sweep on the daily chart, with price now consolidating along the floor of a descending channel that’s been forming since late 2024. The structure has buyers stepping in near support, but the path to recovery isn’t clean yet.
Analyst Crypto Patel outlined the structure, noting a downtrend channel with an accumulation base forming post-sweep, with $78 as the line in the sand on a closing basis. His bias is bullish while price holds the channel floor, with descending resistance near $100 as the next meaningful level to reclaim. If Solana (SOL) closes below $78, the rebound thesis is off, and downside continuation becomes the base case.
That framing aligns with what the TradingView technical summary shows on the daily. Short-term indicators are starting to tilt bullish, as momentum is picking up and near-term moving averages suggest buyers are returning. But the longer-term moving averages, which reflect where the price was trading weeks and months ago, sit well above the current price and remain in sell territory.
That suggests the medium-term trend is still down, and Solana coin is trying to recover within a structure that hasn’t turned yet.
Solana ETF Inflows Return
The fundamental backdrop is also improving. Sosovalue data shows that US Solana spot ETFs recorded $1.31 million in daily net inflows on February 27, bringing cumulative net inflows across all products to $933.93 million. This contrasts with the $43.00 million outflow for Ethereum and the $27.55 million outflow for Bitcoin on the same day. Total net assets across the eight listed funds stand at $753.16 million, roughly 1.63% of SOL’s market cap.
The return of institutional flow into spot products matters here because it adds a demand layer beneath the technical setup. Sustained inflows can absorb selling pressure that would otherwise push the SOL price below channel support.
With 24-hour trading volume at $5.38 billion (up 11.22%), the market clearly reacted to something, and the ETF data suggests it wasn’t purely retail driven.
READ MORE: Aave’s “Aave Will Win” Proposal Passes Temp Check, Advancing Governance Shift
