Solana Price Forecast: SOL consolidates under key resistance amid improving flows

Solana is facing rejection near the upper consolidation zone at $89.38; a breakout suggests upside ahead.
US-listed spot SOL ETFs recorded an inflow of $13.17 million last week, breaking a two-week streak of outflows since the end of January.
The technical outlook suggests a potential recovery as momentum indicators show fading bearish pressure.

Solana (SOL) is trading at $85 at the time of writing on Monday after failing to break out of the upper consolidation zone. A breakout of this zone would support an upside move. Institutional demand for SOL returns as spot Exchange Traded Funds (ETFs) recorded an inflow of over $13 million last week. On the technical side, improving momentum indicators support a potential recovery in SOL over the coming days.

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Institutional demand for SOL returns

Institutional demand for Solana shows early signs of recovery. According to SoSoValue data, spot ETFs recorded inflows of $13.17 million last week, breaking a two-week streak of outflows since the end of January. If this inflow trend continues and intensifies, Solana’s price could recover.

Total SOL spot ETF net inflow weekly chart. Source: SoSoValue

In addition to positive inflows, other signs of optimism suggest a potential price recovery. Solana highlighted several developments on X on Sunday. Citi, the global investment bank, has represented a bill of exchange as a token onchain and executed the entire lifecycle (from issuance to settlement) on Solana. Meanwhile, Goldman Sachs disclosed $108 million in SOL holdings, and Solana’s Real World Asset (RWA) Total Value Locked (TVL) climbed to a new all-time high of $1.66 billion, with over 285,000 unique holders.

Solana Price Forecast: SOL could extend its recovery if it breaks the consolidation zone

Solana price found support around the lower consolidation boundary at $76.45 on Thursday and recovered over the next two days, reaching the upper consolidation boundary at $89.38, before declining on Sunday. As of writing on Monday, SOL is trading at $85.

If SOL breaks above the upper consolidation zone and closes there, it could extend its advance toward the key psychological level at $100.

The Relative Strength Index (RSI) on the daily chart reads 35, rebounding from oversold levels, signaling an easing of bearish momentum. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Sunday, further supporting the recovery thesis.

On the other hand, if SOL closes below the lower consolidation boundary at $76.45, it could extend further losses toward the February 6 low at $67.50.