Blockchain Index

Solana Holds Gains as RSI Levels Normalise and Volume Cools Post-Rally

Following a powerful 55% surge from $95 to $150, Solana $SOL has entered a consolidation phase over the past five days, maintaining price support around $147 while exhibiting stable RSI readings and decreasing trading volume. The Relative Strength Index currently hovers near 50.74, down from recent peaks, suggesting the asset has cooled off from overbought conditions but remains in a neutral zone, poised for either continuation or correction. Meanwhile, volume has tapered significantly to 46.77 million, a sign that speculative activity may be pausing after the initial ETF-fueled rally. Technical patterns still reflect a bullish bias, as price action forms higher lows and shows resilience above support zones, with momentum stabilising near the 21-period moving average on short timeframes. The market’s attention is now fixed on ETF approval probabilities and macroeconomic data, which could either revive buying pressure or dampen short-term sentiment. As long as SOL holds above $145 with improving volume and RSI rising again, another leg toward $160–$180 remains a plausible short-term target, while the $300 level stays on the radar for long-term ETF-driven price expansion.

ETF Net Flows Reinforce Bitcoin’s Market Leadership as Ethereum Turns Positive

The latest ETF net flow data from May 2, 2025, underscores the continued dominance of Bitcoin in institutional investment, with $676 million of the $696.53 million daily inflow attributed to $BTC, marking a powerful reaffirmation of its safe-haven narrative amid macroeconomic uncertainty. Ethereum, while trailing, also showed signs of recovery, pulling in $20 million and extending its recent reversal of an eight-week outflow streak. On a broader timeline, digital asset products have accumulated over $484 million in ETF inflows in the past week and $166.8 million over the past month, with April's latter half seeing sustained inflow momentum, particularly into Bitcoin. The chart reflects a sharp uptick in flows starting mid-April, peaking around April 22–23, when ETF products saw some of the highest daily gains in months. With a strong $8.09 billion logged in December and a rebound from February’s $3.3 billion drawdown, institutional capital is once again favouring crypto, especially Bitcoin ETFs, which now account for over $3 billion in recent net flows. If this trajectory holds, it signals not just short-term bullishness but potentially a structural shift in capital allocation toward digital assets as core portfolio components.

Governor Hobbs Defends Traditional Finance as Bitcoin Bill Faces National Spotlight

Arizona Governor Katie Hobbs’ formal veto of the Strategic Bitcoin Reserve legislation has drawn widespread attention, as reflected in the viral announcement by Altcoin Daily, spotlighting her decision to prioritise traditional investment principles for the state’s pension system. In her official letter, Hobbs emphasised that the Arizona State Retirement System should remain committed to "sound and informed investments," distancing the state from what she described as "untested virtual currencies." The visual contrast of the polished official statement and Hobbs’ professional portrait aims to reinforce confidence in her governance. Yet, it has sparked criticism from crypto proponents who argue that Bitcoin is no longer speculative, but a maturing institutional asset class. With nearly 150,000 views on the announcement post, the veto has intensified the debate over crypto in public finance and elevated Arizona into the national conversation around the role of digital assets in state-managed portfolios. As the U.S. edges toward regulatory clarity, Hobbs' stance may be seen as prudence or missed opportunity, depending on how the broader market and other states proceed with Bitcoin adoption.

Spot Bitcoin ETFs Face Heavy Outflows Amid Macro Uncertainty

Spot Bitcoin ETFs are under pressure after a sharp $795 million in total digital asset fund outflows last week, according to CoinShares. Of that, Bitcoin investment products accounted for $751 million—marking the third consecutive week of redemptions and a clear shift in investor sentiment.

Net outflows since February have now climbed to $7.2 billion, nearly erasing the year’s gains and leaving just $165 million in net inflows. This retreat coincides with broader macroeconomic concerns, including escalating U.S.–China trade tensions and renewed recession fears.

Bitcoin remains positive on the year with $545 million in inflows, but the tide appears to be turning. Even short-Bitcoin products saw $4.6 million in outflows, suggesting that investors aren’t just bearish—they’re stepping away from crypto exposure entirely.

Assets under management in crypto ETFs have dropped to $130 billion, the lowest level since November 2024. Until macro clarity returns or BTC can break decisively above $86,000, caution will likely dominate ETF-related flows. The market’s next move hinges on global stability and a rebound in institutional confidence.

Solana Surges Against Ethereum, But Path to $300 Faces Onchain Hurdles

Solana has delivered an impressive 30% weekly gain in USD and a 20% rally against Ethereum, pushing the SOL/ETH ratio to a multimonth high of 0.080 on April 13. This marks its strongest weekly close versus ETH in history, suggesting increasing investor preference for Solana amid broader market strength.

The hourly chart shows SOL consolidating near $129.54 with visible resistance around $135.55. Bollinger Bands are beginning to narrow, signaling potential upcoming volatility, while RSI has declined to 45.75, suggesting weakening momentum in the short term.

While traders are targeting a breakout toward $300 based on historical patterns from Ethereum’s 2021 run, onchain data tells a more cautious story. Solana’s daily transaction fees have dropped over 97% since January, and DEX volumes have plummeted from $35.9 billion to just $2.17 billion, highlighting reduced user activity across key platforms.

The lack of rising network demand may cap SOL's near-term upside despite bullish sentiment. For a sustainable move toward $300, renewed activity on Solana’s DeFi ecosystem and an uptick in fees and transaction volumes will likely be necessary. Until then, technical resistance and fundamental headwinds could limit further breakout potential.