Solana has reclaimed the $100 mark, becoming one of the stronger-performing mainstream tokens in this round of crypto market recovery. According to CoinGecko data, SOL has risen over 23% in the past week, reaching a high of $107—the first time it has returned to triple digits since February this year.
ETF fund flows reach a new stage high
One factor driving this rally is the continued strong inflows into Solana-related ETFs. Reports show that the cumulative net inflow into Solana ETFs rose to $1.2 billion on Tuesday, with nearly $34 million flowing in on Monday alone—the largest single-day inflow this year and the fifth consecutive trading day of net inflows.
On-chain USD liquidity increases
On-chain funding conditions are also improving. According to DefiLlama data, the total value of stablecoins on the Solana network neared $16 billion on Thursday, indicating further growth in dollar-denominated liquidity available directly for trading and DeFi activities, which supports high-frequency trading and on-chain applications.
In addition to the growth in stablecoin volume, transaction activity on the Solana blockchain has remained high. According to DefiLlama, Solana-based decentralized exchanges have processed nearly $56 billion in trading volume over the past 30 days, with over $10 billion already traded this week. Unlike Bitcoin, which is primarily positioned as a “store of value,” Solana’s market performance is more closely tied to its low-cost, high-speed on-chain transaction capabilities and demand for DeFi applications.
Market risk appetite is recovering in tandem.
A broader market environment has also supported cryptocurrency assets. The report noted that last week, the U.S. Treasury announced a series of Treasury buyback programs, which some investors interpreted as a signal that market liquidity may improve. Following a rise in risk appetite, capital typically becomes more willing to flow into higher-volatility assets such as cryptocurrencies.
During this rally, Bitcoin led the recovery and drove the broader market upward, briefly surpassing $80,000. However, in terms of阶段性 performance, SOL has outpaced most altcoins in its rate of gain.
However, the current data does not indicate a large-scale shift of funds from Bitcoin to Solana. CoinGlass data shows that U.S. spot Bitcoin ETFs still recorded net inflows of over $232 million on Thursday, with daily trading volume reaching $8 billion, demonstrating that Bitcoin remains one of the core assets for institutional capital allocation during this cycle.