Solana (SOL) is extending its recovery on Wednesday, trading above $76.1 after buyers defended a key support zone in the previous session. The rebound is underpinned by improving fundamentals and market conditions, including the launch of MoneyGram's on-ramp service on the network and continued inflows into spot SOL exchange-traded funds (ETFs).
MoneyGram Ramps goes live on Solana
On Tuesday, Solana announced that MoneyGram Ramps is now operational on its blockchain. The integration provides developers with direct access to MoneyGram's global fiat on-ramp and off-ramp infrastructure via a single API. According to the announcement, Solana-based applications, wallets, and exchanges can now support cash deposits in over 25 countries and withdrawals across more than 170 countries and territories.
“60M+ customers, nearly 500,000 retail locations, 170+ countries. One of the world’s largest payments networks is now a single API away for every builder on Solana,” the network stated. This partnership could simplify the movement between cash and digital assets, reducing reliance on traditional bank transfers or payment cards. It may be particularly beneficial in regions where cash usage remains high or banking access is limited.
While this development is unlikely to have an immediate impact on SOL's price, it strengthens the network's long-term utility by connecting blockchain applications with real-world payment channels. For more on how blockchain integrations are affecting other assets, see Monero's recent AI-driven rally.
ETF inflows and derivatives sentiment
Institutional demand for Solana has remained positive this week. US-listed spot SOL ETFs recorded no inflows on Tuesday after attracting $8.80 million on Monday, according to SoSoValue. Over the two sessions, the products accumulated approximately $10.26 million. Continued ETF inflows could support SOL by increasing regulated investment demand and helping absorb available market supply. However, the sustainability of the recovery will depend on whether these inflows persist and strengthen through the rest of the week.
Derivatives indicators also point to improving market sentiment. CoinGlass data shows SOL's long-to-short ratio at 0.9932 on Wednesday, approaching its highest level in over a month. The ratio nearing one indicates that long positions are growing and now outnumbering shorts, suggesting traders expect upward price movement. Additionally, SOL's funding rate turned positive on Tuesday and reached 0.0017% on Wednesday, reflecting greater demand for bullish exposure.
Technical outlook: key levels to watch
SOL is trading marginally above its 50-day exponential moving average (EMA) at $75.53, which provides immediate dynamic support. The former rising trendline resistance near $72.70, now reclaimed, offers a deeper structural support zone. However, the price remains below the 100-day EMA at $78.40 and the 200-day EMA at $89.98, indicating that the broader technical structure is still constrained despite improving short-term momentum.
The Relative Strength Index (RSI) is hovering near 55, above its neutral midpoint of 50, suggesting buying pressure is strengthening without entering overbought territory. The Moving Average Convergence Divergence (MACD) indicator is also moving further into positive territory, reinforcing the view that bullish momentum is gradually improving.
If the rally persists, SOL faces initial resistance at $77.07, followed closely by the 100-day EMA at $78.40. A decisive close above these barriers could strengthen the recovery and open the path toward the 200-day EMA at $89.98. Beyond that, the horizontal resistance level near $96.19 would become the next major target. Conversely, a break below the 50-day EMA at $75.53 could weaken the bullish outlook and trigger another test of the former trendline breakout zone near $72.70.
For broader context on crypto market movements, see Bitcoin's recent ETF inflow dynamics and Ethereum's supply accumulation trends.
This article is for informational purposes only and does not constitute financial advice.
