Solana is trading at $106.91, up 19.8% over the past week and sitting at its highest level since January 31. The token is now up roughly 80% from its June low, erasing much of this year’s earlier decline. Solana briefly touched an intraday high of $110 during the session, before easing back to trade around $106.
Record ETF Volume Signals Institutional Demand
The Bitwise Solana Staking ETF ($BSOL) posted its highest single-day trading volume ever, surpassing $126 million and breaking Monday’s record. The fund has now traded $500 million total over the past seven sessions.
- $126 million+ in single-day BSOL volume, a record for any Solana ETF
- $500 million traded across BSOL over the last 7 sessions
- US spot Solana ETFs have posted 7 consecutive days of inflows, including $9.14 million on August 26
- Cumulative net ETF inflows now stand near $1.26 billion, about 2.2% of SOL’s market cap
Treasury Buying Resumes
Solana treasury company DeFi Dev Corp resumed SOL purchases, acquiring 19,000 SOL for $1.86 million at an average price of $98.14. The company’s treasury now holds 2.33 million SOL, valued at approximately $182 million.
Leverage Is Driving the Move
SOL gained roughly 19% over the past week, with futures volume reaching $14.6 billion against just $1.7 billion in spot volume, a gap he said points to leverage playing a major role in the rally’s acceleration.
Governance Votes Could Reshape SOL’s Token Economics
Validators are currently voting on proposals that could alter Solana’s supply dynamics. One proposal would accelerate disinflation and reduce planned issuance, while another could significantly increase the amount of SOL burned through network fees. Wess noted that if both measures pass, $105 could shift from a short-term spike into a new base level for the token.
Levels to Watch
$100 has emerged as the level to hold. If support there stays intact, the $110-$115 zone is the next area traders are watching. A failure to hold $100 would raise questions about how much of the rally is leverage-driven momentum versus durable institutional demand.