Solana’s native token, SOL, surged past $100 for the first time since February, reaching $107 this week, according to CoinGecko. The price jump followed a 23% increase over the past week, with much of the gain occurring in the last 24 hours. This rally coincided with record inflows into Solana exchange-traded funds (ETFs), which reported cumulative inflows of $1.2 billion, including nearly $34 million on Monday alone, per fortune.com.
The surge in SOL’s price and ETF inflows reflects a broader uptick in crypto market liquidity. Solana’s ETF inflows marked the largest single-day amount this year, capping five consecutive days of positive inflows. Additionally, the total stablecoin value on the Solana network neared $16 billion, providing investors with increased dollar-backed liquidity, according to DefiLlama data cited by fortune.com. This liquidity boost followed the U.S. Treasury Department’s bond buyback announcements, which investors interpreted as a signal for more cash circulation in financial markets.
Solana’s performance outpaced Bitcoin and many other altcoins during this period. Bitcoin itself rose above $80,000, lifting the broader market, but Solana’s gains were more pronounced. The increased liquidity and investor appetite for riskier assets like cryptocurrencies have contributed to this momentum. Solana’s growing stablecoin ecosystem and ETF inflows highlight its expanding role in the crypto investment landscape, as detailed by fortune.com.
Solana’s ETF inflows totaled $1.2 billion as of Tuesday, marking a record for the year. The token’s price crossing the $100 threshold signals renewed investor confidence, with the stablecoin value on the network approaching $16 billion, according to fortune.com.