- Bitwise’s spot Solana ETF witnessed a positive inflow for eight consecutive days, bringing a total value of $312.
- The Solana price is poised for a bullish rebound from the $150 floor.
- Solana outperforms Ethereum in app revenue, generating $4.34 million in the last 24 hours.
SOL, the native cryptocurrency of the Solana blockchain, witnessed a bullish rebound from the $150 support on Friday, with an intraday gain of 5.3%. The upswing came amid a slowdown in broader market correction as Bitcoin shows resilience above the $100,000 level. However, Solana gained additional momentum amid a streak of inflows into the Bitwise SOL spot ETF and substantial growth in Solana’s app revenue. Will this trigger be sufficient to drive a sustained recovery in this altcoin?
Bitwise’s Solana ETF Sees 8-Day Inflow Streak
Following the November 3rd sell-off in the crypto market, the Solana price shifted its trajectory sideways above the $150 support. Since then, the price action has shown several failed attempts to breach this support but reverted with long-tail rejections, indicating intact demand pressure.
Along with a slowdown in market correction, the Solana price resilience can be attributed to consistent investor demand for the recently launched Bitwise Solana ETF (ticker: BSOL).
Data shared by Farside Investors shows that the Bitwise Solana ETF has recorded eight straight days of net inflows, with a cumulative amount of $312 million invested since the ETF went live. The product has done exceptionally well with almost $39 million in new capital per day over this period, indicating institutional and retail interest in spite of market-wide volatility.
While asset flows have given off a positive sign, on-chain performance data indicate that Solana is outpacing its nearest rival, Ethereum, in a surprising area. According to DeFiLlama, decentralized applications on the Solana network have produced an estimated $4.33 million in revenue in the past 24 hours, compared to $1.82 million on Ethereum-based applications.
The difference is even more dramatic when looking at a 30-day period, where Solana continues to lead in terms of total income generated by apps. This is a rare reversal of long-term trends where Ethereum has dominated in protocol and application revenue metrics.
Ethereum has consistently outperformed its rivals in terms of network activity and developer income in previous quarters, but Solana’s exponential growth in DeFi and consumer-facing applications is likely to change the dynamics.
Solana Price Poised for Short Rebound Towards $180
In the last two weeks, the Solana price witnessed a notable correction from $205 to the current trading price of $163, accounting for a 20% loss. Consequently, the asset market cap plunged to $90.5 billion.
Amid this pullback, the coin price gave a decisive breakdown from the support trendline of the channel pattern on the daily chart. Since March 2025, the altcoin traveled a steady recovery trend within this channel, as the price resonated between the two parallel trendlines.
Thus, the recent breakout signals a change in market dynamics and strengthens the sellers’ grip over this asset. However, with today’s jump of 5.32%, the Solana price shows a rebound from $150 support and shows a potential retest of the breached trendline at $180.
The breached trendline is currently coinciding with the 200-day exponential moving average, creating a strong defense against price upswings. If the sellers continue to defend this barrier, they could extend its correction below the $150 floor and toward the $125 support.
On the contrary, if the coin price manages to re-enter the channel range with a bullish breakout at $1.80, the bearish thesis will be invalidated.
Credit: Source link