Solana’s SOL Climbs to $191 Amid $11M Short Liquidations and $39M Fund Inflows
Solana’s native token, SOL, surged to $191.56 on Monday, fueled by a wave of short position liquidations and renewed institutional demand. The token gained 6.55% over the past 24 hours, driven by strong on-chain activity and fresh inflows into Solana-focused funds.
Analytics from SolanaFloor show that over $11 million in short positions were wiped out as SOL breached the $190 mark. The largest single liquidation, valued at $1.13 million, took place at $188, highlighting how bearish bets were caught off guard by the price surge.
Institutional interest in SOL is also picking up. CoinShares’ latest Digital Asset Fund Flows Weekly Report revealed $39 million flowed into Solana products during the week ending July 19, signaling increasing confidence among professional investors.
Prominent crypto analyst DonAlt noted on X that while he still prefers Ethereum, Solana’s chart indicates a possible breakout. He suggested that if SOL can sustain momentum above current resistance, it may push beyond its previous all-time highs.
Technical Overview:
- Between July 20, 09:00 UTC and July 21, 08:00 UTC, SOL climbed 5.01%, moving from $180.77 to $189.82, according to CoinDesk Research.
- The token traded within a range of $178.08 to $190.77, reflecting a 6.65% price spread.
- Key support formed near $178.30, accompanied by a volume spike of 2.27 million at 22:00 UTC on July 20.
- SOL broke through resistance at $183.20 early on July 21, with sustained volume above the 24-hour average of 1.29 million.
- In the final trading hour, SOL rose from $189.26 to $189.70, peaking at $190.77 before mild profit-taking took place.
With short sellers forced to cover and institutional capital flowing in, SOL looks poised for further gains if it maintains momentum above $190.
