Is SOL headed toward $150 amid a steady ETF inflow? Check forecast

The cryptocurrency market is having a rollercoaster start to the week.

Bitcoin hit the $92k level during the Asian trading session before retracing below $91k as the London markets opened.

However, BTC is now trading above $91,700 after recovering some of its earlier losses. However, some major altcoins remain in the green.

Solana’s SOL is the best performer among the top 10 cryptocurrencies by market cap, up 4.5% in the last 24 hours.

The coin could rally higher in the near term amid a steady ETF inflow and a privacy-focused hackathon.

SOL hits $140 as Solana explores privacy features

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SOL briefly touched the $144 level earlier today but has now retraced and is currently trading at $139 per coin.

The positive performance comes as SOL-focused ETFs recorded $41.08 million in inflows last week, marking their eighth consecutive week of inflows.

The rising inflows suggest that demand for Solana persists among institutional players.

The growing demand can be attributed to Solana’s desire to explore privacy features similar to those of Zcash or Monero.

The Privacy Hack, commencing today, offers $75,000 in rewards for private payments, a launchpad, and an open track for other privacy-focused protocols.

The Solana team revealed that submissions by the participants will end on February 1, and the winners will be announced on February 10.

Retail demand for Solana has also been on the rise in recent days. According to CoinGlass, Solana’s futures Open Interest (OI) is up 4.90% in the last 24 hours, reaching $8.24 billion.

Furthermore, the 24-hour long-to-short ratio of 1.0235 indicates a greater number of active long positions.

The short liquidations of $12.61 million in the last 24 hours far outweigh long liquidations of $2.14 million, indicating a larger wipeout of bearish-aligned positions.

SOL eyes the $150 psychological level

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Thanks to its recent performance, the SOL/USD 4-hour chart is bullish and efficient.

SOL topped the 50-day EMA at $136 on Sunday and is now trading at $139, just below the $142 resistance level on the daily chart.

If the bullish trend continues, SOL could surpass the $144 resistance level in the near term and head towards the $150 psychological level.

The daily candle closing above this level could see SOL head towards the $159 resistance.

The technical indicators support a bullish performance in the near term.

The RSI of 55 is above the neutral 50, indicating a growing bullish momentum.

The MACD lines also crossed into the bullish region on Sunday, adding further confluence for the long positions.

However, if the bullish trend fails to build, SOL could reverse below the 50-day EMA, with the bears likely to push it down towards the December 18 low of $116.