Solana crossed back above $100 this week for the first time since February 3, 2026, as the broader crypto rally lifted the token clear of every major technical level traders watch. SOL climbed roughly 25% over the past week, breaking above its 20-day, 50-day, 100-day and 200-day moving averages in the process — a sweep that typically signals a decisive shift in short-term trend rather than a one-off spike.
The move wasn't purely speculative. Spot Solana ETFs pulled in fresh inflows as the rally built, with one daily session bringing in $14.60 million, the largest single-day intake since the end of July. That inflow data, tracked independently of the token's price action, suggests at least part of the move is being driven by allocators rather than pure derivatives leverage.
A Dormant Whale Called the Bottom
The rally's early stages included a notable on-chain tell: a trader who had been inactive for two years bought 47,535 SOL, worth roughly $3.6 million, three days before the breakout. SOL went on to surge more than 20% in the following days, timing that on-chain trackers flagged as the second time this particular wallet has caught a bottom in Solana precisely.
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Overbought, But Not Necessarily Done
The speed of the move has pushed Solana's daily relative strength index to 81.74, deep into overbought territory and a level that has historically preceded short-term pullbacks. That's consistent with the pattern seen elsewhere in crypto this week, where Bitcoin's own short squeeze to a similarly overbought reading gave way to a sharp reversal within days. Whether Solana follows the same script or holds its gains likely depends on whether ETF inflows keep pace with the price, or whether the move was mostly leveraged positioning catching up to a market-wide squeeze.
