Solana’s SOL Rockets to $191 Following $11M Short Liquidations and $39M Institutional Inflows
Solana’s native token, SOL, surged to $191.56 on Monday, extending its strong rally driven by a wave of short position liquidations and growing institutional interest. Over the past 24 hours, SOL climbed 6.55%, propelled by robust on-chain activity and fresh capital inflows into Solana-focused funds.
Data from Solana analytics platform SolanaFloor revealed that more than $11 million in short positions were liquidated as SOL broke above the $190 level. The largest single liquidation occurred at $188, totaling $1.13 million, highlighting how bearish traders were caught off guard by the rapid price advance.
Institutional demand also strengthened, with CoinShares’ latest Digital Asset Fund Flows Weekly Report showing $39 million of inflows into Solana products for the week ending July 19. This surge signals renewed confidence among professional investors.
Crypto analyst DonAlt commented on X that although he favors Ethereum, Solana’s technical setup suggests a potential breakout. He noted that if SOL can maintain momentum above resistance, it may surpass prior all-time highs.
Technical Highlights:
- From July 20, 09:00 UTC to July 21, 08:00 UTC, SOL increased 5.01%, rising from $180.77 to $189.82, according to CoinDesk Research.
- The 24-hour trading range spanned $178.08 to $190.77, reflecting a 6.65% price range.
- Support was established near $178.30, with a volume surge of 2.27 million at 22:00 UTC on July 20.
- SOL broke resistance at $183.20 early July 21, with trading volumes staying above the daily average of 1.29 million.
- In the final hour, SOL moved from $189.26 to $189.70, hitting a session peak of $190.77 before slight profit-taking.
With shorts squeezed and institutional flows rising, SOL looks set for further gains as long as it holds above $190.
