Key Insights

• Solana Futures Open Interest has hit $16.6 billion, with a stable funding rate that hints at further price growth.

• A spot-driven rally is pushing Solana’s price upward, fueled by interest in Galaxy and Forward Industries.

Solana (SOL) has enjoyed one of its best weeks in 2025, climbing 17% in just seven days. It’s only outperformed by Dogecoin and a few other assets in the top 20. This surge could set Sol back on a path to close out the week in a strong position, leading to speculation about a target around $300.

According to Coinglass, Friday saw Sol Futures Open Interest reach $16.6 billion. Despite this increase, the funding rate remains stable. This stability is generally a positive sign, indicating that the current positions aren’t excessively leveraged, allowing for potential further gains if the momentum holds.

Market structure seems to support a bullish outlook. Data on nettaker volume shows that more aggressive buyers are stepping in. Yet, the cumulative volume delta of the aggregated futures is flat, which is a bit puzzling.

On the other hand, the Spot CVD is increasing, highlighting that this rally is primarily driven by spot market activity, often seen as a healthier market condition.

Arkham Intelligence has reported that Galaxy Digital is initiating a significant Sol purchasing program on behalf of Multicoin Capital’s Solana Trust. On September 12, Galaxy bought $326 million in Sol for the Trust. Arkham notes that this vehicle still has $354 million in stub coins and potentially up to $1 billion in cash, earmarked for further SOL buys.

This comes after Forward Industries revealed a partnership with Galaxy Digital, Jump Crypto, and Multicoin Capital to set up a $1.65 billion Solnative Treasury Department, marking a notable moment as the first Nasdaq company to attract institutional capital directly into Solana.

$250: A Critical Resistance Level

Currently, Sol is trading 15% below its all-time high of $295, hovering around the $250 mark, which has been significant over the years, serving as a vital resistance point on multiple occasions since 2021.

In late 2024 and early 2025, it traded between $275 and $295 but often returned close to $250, indicating that this level is crucial for profit-taking. There’s a risk that repeating this pattern could lead to supply pressures in this area.

However, Sol’s strategic reserve may help mitigate sharp declines, providing institutional-level liquidity that could shift how resistance levels are traditionally viewed.

Looking at the momentum indicators, the behavior of the relative strength index (RSI) stands out. Previously, when Sol approached $295, the RSI indicated overbought conditions. Currently, the RSI hasn’t reached similar extremes, suggesting there could still be room for upward movement.

If Sol can close strongly above $250, especially with consecutive weekly closes, it might shift market sentiment positively. This could pave the way for a retest around $295, with the potential for price discovery above $300 as we enter the fourth quarter.

This article does not provide investment advice. Engaging in investment and trading carries risks, and individuals should conduct their own research before making decisions.