Key takeaways:
Solana futures open interest hit $16.6 billion, and its perpetual futures funding rates are stable, hinting at further price upside.
Spot-driven rally pushes SOL price, reinforced by Galaxy and Forward Industries’ buy demand.
Solana (SOL) is posting one of its strongest weeks of 2025, gaining 17% in the past seven days, trailing only Dogecoin and Hyperliquid among the top 20 crypto assets. The surge puts SOL on track for its highest weekly candle close since January, fueling speculation over a push toward the $300 level.
CoinGlass data shows SOL futures open interest (OI) hit a record $16.6 billion on Friday. However, perpetual funding rates remain stable despite the jump in OI. This is a constructive signal, suggesting positions are not overly leveraged, leaving room for additional upside if momentum continues.
Market structure adds weight to the bullish case. Net taker volume leans buy-heavy, showing more aggressive buyers stepping in. However, aggregated futures cumulative volume delta (CVD) remains flat, meaning long and short positions are balanced even at record OI levels.
On the other hand, spot CVD is climbing higher, highlighting that the rally is spot-driven rather than futures-driven, often taken as a healthier setup.
Arkham Intelligence noted that Galaxy Digital has begun executing a major SOL purchase program on behalf of Multicoin Capital’s Solana DAT (Designated Allocation Trust).
On Sept. 12, Galaxy acquired $326 million in SOL for the trust. Arkham notes the vehicle still has significant dry powder with $354 million in stablecoins and up to $1 billion in cash, earmarked for further SOL purchases.
This development follows the Forward Industries update, where the Nasdaq-listed company announced a $1.65 billion SOL-native treasury, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Forward Industries is the first Nasdaq company raising institutional capital to deploy directly on Solana, signaling a growing wave of corporate adoption.
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SOL at $250 remains the key line in the sand
SOL currently trades 15% below its all-time high of $295, with the $250 level as the key pivot point. This level carries multi-year significance, having acted as a weekly closing zone/resistance on three separate occasions since 2021.
In November 2024 and January 2025, SOL briefly traded between $275 and $295 but pulled back to close near $250, highlighting $250 as a key level where profit-taking has occurred. Thus, the trend suggests a similar risk of supply pressure resurfacing in this zone.
However, the present market includes a SOL Strategic Reserve, drawing comparisons to Ethereum’s institutional backers. This reserve could mitigate sharp reversals, providing institutional-grade liquidity that alters the traditional dynamics around resistance levels.
From a momentum standpoint, the relative strength index (RSI) behavior is also notable. Previously, when SOL neared $295, the RSI moved into overbought levels. This time, RSI hasn’t reached those extremes, suggesting the rally may still have room to run.
If SOL can secure a strong weekly close above $250 and confirm with consecutive closes above that level, it would likely shift market sentiment. This would open the path toward retesting $295, with the prospect of entering price discovery beyond $300 in Q4.
Related: ETH builds $7.5B base as analysts predict $6,500 Ether by year-end
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
