• Solana hovers around $75 on Friday, holding above a crucial support trendline despite easing bullish momentum.
• SOL-focused ETFs with $403,890 in inflows on Thursday reflect easing institutional volatility earlier this week.
• Retail demand holds firm with a positive funding rate and a mild contraction in SOL Open Interest.

Solana (SOL) is trading below $75.00 on Friday, testing a crucial support trendline of a symmetrical triangle pattern. SOL-focused Exchange Traded Funds (ETFs) recorded $403,890 in inflows on Thursday, while retail demand holds firm with rising funding rates. The technical outlook is mixed as SOL approaches a shift in bullish momentum. 

Rebound speculations rise despite mixed institutional interest

Solana is facing mixed institutional demand so far this week. SoSoValue data show that the SOL ETFs recorded $403,890 in inflows the previous day, following sharp fluctuations earlier this week. SOL ETFs recorded $18.07 million in outflows on Tuesday, which were later offset by $19.06 million in inflows on Wednesday. 

On the retail front, CoinGlass data shows the funding rate rose to 0.0062% on Friday, up from 0.0041% the previous day, signaling increased demand among buyers for long-position buildup. However, the roughly 25% decline in volume over the last 24 hours to $5.20 billion, combined with SOL futures Open Interest (OI) easing by around 1% to $4.36 billion, suggests reduced activity, while the notional value of active contracts remains stable.

Technical outlook: Will Solana break above its 50-day EMA?

Solana keeps a mixed near-term bias as price approaches the apex of a symmetrical pattern on the daily chart. SOL price is supported by a rising trendline near $72.95, while the overhead trendline coincides with the 50-day Exponential Moving Average (EMA) at $76.07.

The Relative Strength Index (RSI) at 45 on the daily chart suggests only modest downside pressure, and the Moving Average Convergence Divergence (MACD) lingering below its signal line hints that rallies remain vulnerable.

On the topside, a sustained close above the overhead cluster near the 50-day EMA at around $76.09 could target the more distant barrier at the 200-day EMA at around $93.61.

Looking down, immediate support comes from the rising trendline around $72.95. A daily close below this area would expose additional weakness toward the February 6 low at $67.50.

(The technical analysis of this story was written with the help of an AI tool. Know more.)