Spot Solana exchange-traded funds (ETFs) recorded their largest weekly inflows since February, reviving expectations for gains.

Cointelegraph reported on May 11 that weekly net inflows into spot Solana ETFs totalled $39.23 million.

The inflows coincided with an expansion in derivatives positioning. Solana futures open interest rose to $6.4 billion from $4.94 billion on May 1, a 29.5 percent increase in less than two weeks. Over the same period, Solana rose 15 percent over the past seven days to as high as $97, and the market is watching $120 as the next major resistance level.

Inflows were concentrated in some ETFs. Bitwise's BSOL posted $36 million of net inflows last week, leading the trend, and Fidelity's FSOL drew more than $1.8 million. BSOL's cumulative inflows since launch totalled $861 million, accounting for about 81 percent of total cumulative inflows of about $1.06 billion into spot Solana ETFs.

Buying pressure strengthened in both spot and futures markets. The spot cumulative volume delta, which shows the difference between market buys and sells, neared $250 million from $163 million in five days as Solana rose to around $96. The futures cumulative volume delta also widened steadily after five days to about $593.6 million. It signals buyers are absorbing sell orders in both spot and futures markets.

Funding rates held at around 0.065 percent. That means traders seeking to maintain long positions continue to bear costs. Over the past 24 hours, however, spot and volume delta momentum slowed, and buying strength around the $95 to $96 range appeared to flatten somewhat.

Technical moves are also drawing attention. SOL is forming an "Adam and Eve" pattern near resistance at $95, with the current area presented as the neckline that will determine whether it breaks out. Observers say the pattern could signal a bottom if $95 resistance is successfully turned into support, and that a confirmed breakout would imply a target near $120.

Solana also traded above its 100-day exponential moving average for the first time since October 2025. It is also being cited that there is not much clear resistance between $95 and $120 after a 42 percent drop in February. The market is looking to confirm whether it can settle above $95 on a daily closing basis.

Crypto analyst BATMAN pointed to Solana breaking above a 231-day downtrend on the SOL/BTC daily chart. That means relative strength versus bitcoin is improving. The analyst presented the $89 to $91 range as the nearest support and as a retest zone if the breakout holds.

Ultimately, the core of the move is that ETF inflows and an expansion in futures positions appeared at the same time. The market is looking at whether the $95 zone turns into support, and whether upside momentum then extends toward $120.

The rally we're seeing from Solana is not just a normal rally. Looking at the $SOL vs $BTC chart, price has broken out from a 231-day downtrend. Big move. Given this strength, if we get a retest towards the closest support zone, it would be a great entry area to catch the next… pic.twitter.com/V4OQz1Pwur