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Points of Focus
- Solana trades near $97.64 after reaching $102.70, leaving its seven-day gain around 29%.
- SOL futures volume stands near $9.4B as open interest holds around $6.0B.
- US spot Solana ETFs added $33.5M while relative strength remains above 70.
Solana (SOL) broke above $100 before pulling back below the level on Tuesday, showing how quickly momentum cooled after last week’s surge.
SOL traded near $97.64 at the latest check, up about 29% over seven days. The token reached $102.70 during the latest advance, but the retreat has put the former $98 range high back in focus.
Solana futures volume stays elevated after $100 breakout
Derivatives activity remains heavy even after SOL slipped from its latest high. CoinGlass showed about $9.4 billion in 24-hour SOL futures volume against roughly $1.0 billion in spot volume, while open interest stood near $6.0 billion. Around $15.9 million in SOL futures positions were liquidated over the same period.
Futures turnover was still more than nine times spot volume. That points to strong derivatives participation, but the lower volume compared with the $15.37 billion seen earlier in the rally shows activity has cooled as price moved back under $100. Open interest also remains below the $6.70 billion level recorded during the push above $102.
Solana ETF inflows provide a spot-market counterweight
US spot Solana ETFs recorded $33.5 million of net inflows on Aug. 24, based on Farside data. Bitwise’s BSOL led with $25 million, Fidelity’s FSOL added $4.8 million and Grayscale’s GSOL took in $3.7 million. The session followed $14.6 million on Aug. 20 and $10 million on Aug. 21, bringing the three-session total to $58.1 million.
Those inflows give the rally a spot-demand component, but the technical setup has become less comfortable. According to Barchart, SOL’s relative strength remains above 70, keeping it in overbought territory even after the pullback. The same data places $102.70 as the recent one-month high.
SOL price retests $102 as RSI turns overbought
Crypto trader Daan Crypto Trades said in an Aug. 21 post on X that $98 marked an equal-high range top and could trigger a further squeeze if SOL reached it. SOL later cleared $98 and $100 before reaching above $102, validating the squeeze setup in the short term.
$SOL Following through on the breakout and market structure break.
Eyes on the range high now. This was an equal high around that $98 mark so if price were to get there we'd likely see a further squeeze. https://t.co/9yMKcHxWry pic.twitter.com/G5hR2DH8jX
— Daan Crypto Trades (@DaanCrypto) August 21, 2026
The follow-through now matters more than the initial break. SOL has since moved back below $98, turning the former range high from a breakout trigger into a level bulls need to reclaim. The token recently reached $102.70 before pulling back to around $97.64 at the latest check.
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