Solana (SOL) price action demonstrated some upside in the first half of this week, but prevailing market uncertainty still held it back.
A closer look at some developments around cryptocurrency suggests a rising possibility of further upside in the coming days.
Whales contributed to the slight uptick in SOL price. Large order book data on Coinglass demonstrated elevated whale activity around the Solana crypto since Monday.
For context, the cryptocurrency averaged roughly $26 million worth of Net spot inflows from the whales cohort across Binance, OKX, and Coinbase in the last 3 days.
Whales also executed over $457 million worth of long positions on Binance and OKX during the same period.
These observations were important because whales play a critical role in price movements. Demand from whales remained subdued over the last few weeks as prices went down.
Overall positive flows may indicate that the price was recently discounted enough for whales to start betting on a recovery.
However, the recently observed demand resurgence from whales was still relatively low and in line with the still subdued market sentiment.
Solana ETF Flows Offer a Confidence Boost
Solana ETFs were mostly positive in the last 2 weeks. Not only did Solana receive two staking SOL ETF approvals, but those ETFs also maintained positive net flows ever since they went live towards the end of October.
It was, however, worth noting that Solana ETFs did show signs of cooling demand even though daily flows remained positive.
Grayscale and Bitwise Solana ETFs now collectively hold about $351 million worth of the cryptocurrency.
Solana ETF flows have not had a single day of negative flows since their launch. This was quite impressive considering that both Bitcoin and Ethereum ETFs registered net outflows on multiple days.
The positive Solana ETF flows were a show of demand resilience, especially during the last 2 weeks, during which the market was mostly bearish.
SOL bears eased off their assault in the last 7 days. It will be interesting to see how institutional demand dynamics will perform if the cryptocurrency enters a bullish recovery phase.
SoFi Bank to Support Retail Flows into SOL
Aside from institutional flows, some interesting Solana news just dropped. U.S.-based SoFi bank recently announced that it will start supporting crypto trading services.
Solana’s official account on X confirmed that SoFi was the first bank to facilitate access to SOL through user checking accounts.