Solana (SOL) has triggered a key bullish signal for the first time in two months, sparking speculation of a potential market rebound. Market analyst Ali Martinez confirmed the shift in trend on March 13, citing the SuperTrend indicator turning positive after prolonged downward pressure.
The SuperTrend tool, which tracks market trends using price and volatility data, had previously signaled a sell-off in early February when Solana dropped to $67. Since then, SOL has stabilized, trading between $76 and $90, with recent price action briefly breaking above $90.
A breakout could push Solana toward $103, its immediate resistance level. However, analysts caution that technical indicators alone don’t guarantee sustained momentum, especially given weakening institutional flows.
Data from SoSoValue shows weekly net inflows into Solana Spot ETFs fell 83% to $3.10 million, despite a 2.8% daily and 11.15% monthly price gain. The divergence suggests retail sentiment, not institutional capital, is driving the current rally.
Solana now trades at $88.95 with a $54.74 billion market cap, maintaining its position as the seventh-largest cryptocurrency. Total ETF inflows since launch stand at $961.08 million, with net assets valued at $824.87 million.