Key Takeaways

Solana’s rally is being driven by strong spot demand, with both retail investors and institutions showing aggressive accumulation. Futures markets remain cautious.

Solana [SOL] has been on a tear lately, and this time the rally isn’t just about hype or leveraged bets.

Galaxy Digital picked up SOL in huge numbers this week, showing just how strong spot demand has been. Even though Open Interest is climbing back near its January highs at $16.5B, Futures traders are still cautious.

That makes this move feel more like steady accumulation. With retail leading the charge and institutions holding steady, Solana could be setting up for a healthier uptrend.

Spot buyers step in, Futures stay cautious

Solana’s 90-day Spot Taker CVD showed steady, persistent buying pressure, a sign of accumulation by retail investors.