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📈 Solana ETFs Draw in $23.6M, Hitting a Four-Week High
U.S. spot Solana exchange-traded funds saw inflows of $23.57 million on Wednesday, their highest in four weeks, per SoSoValue data.
The positive netflow comes as Bitcoin trades near $97,000, accompanied by improving investor sentiment. Solana is currently trading at around $145, flat on the past day but up 8% over the past week, according to CoinGecko data.
Wednesday’s netflow provides “substantial momentum to potentially break Solana’s recently subdued trend,” Lacie Zhang, market analyst at Bitget Wallet, told Decrypt, adding that it “coincides with broader market recovery and could propel prices toward $150 if sustained.”
Sustained ETF demand would signal increasing institutional confidence in Solana's robust ecosystem, she added, highlighting the project’s scalability and real-world utility.
🔸 A muted outlook for altcoins
However, the overall outlook among major altcoins like Solana, XRP, and BNB remains subdued, with rallies largely confined to select narrative-driven sectors like privacy coins and meme tokens.
The scale of the ETF demand itself may be insufficient for a major breakout. “The current demand is not strong enough to sustain bullish momentum or trigger a clear trend change,” “Solana ETF total net assets account for only about 1.5% of SOL’s market capitalization, and their daily trading volume is less than 1% of total Solana spot volume.”
🔸 Solana’s fundamentals
Despite this, Solana's fundamentals show pockets of strength. Nine of the 22 fastest-growing companies to reach $100 million in revenue are built on Solana, according to investment firm FrictionlessVC.
Additionally, Pump.fun, a Solana-based meme platform, has doubled its active addresses over the past week, with daily token creation surging to nearly 31,000, per Dune analytics data.
Yet Otychenko cautions that these bright spots exist against a backdrop of broader network pressure.
#SOL | #Solana
{spot}(SOLUSDT)
U.S. spot Solana exchange-traded funds saw inflows of $23.57 million on Wednesday, their highest in four weeks, per SoSoValue data.
The positive netflow comes as Bitcoin trades near $97,000, accompanied by improving investor sentiment. Solana is currently trading at around $145, flat on the past day but up 8% over the past week, according to CoinGecko data.
Wednesday’s netflow provides “substantial momentum to potentially break Solana’s recently subdued trend,” Lacie Zhang, market analyst at Bitget Wallet, told Decrypt, adding that it “coincides with broader market recovery and could propel prices toward $150 if sustained.”
Sustained ETF demand would signal increasing institutional confidence in Solana's robust ecosystem, she added, highlighting the project’s scalability and real-world utility.
🔸 A muted outlook for altcoins
However, the overall outlook among major altcoins like Solana, XRP, and BNB remains subdued, with rallies largely confined to select narrative-driven sectors like privacy coins and meme tokens.
The scale of the ETF demand itself may be insufficient for a major breakout. “The current demand is not strong enough to sustain bullish momentum or trigger a clear trend change,” “Solana ETF total net assets account for only about 1.5% of SOL’s market capitalization, and their daily trading volume is less than 1% of total Solana spot volume.”
🔸 Solana’s fundamentals
Despite this, Solana's fundamentals show pockets of strength. Nine of the 22 fastest-growing companies to reach $100 million in revenue are built on Solana, according to investment firm FrictionlessVC.
Additionally, Pump.fun, a Solana-based meme platform, has doubled its active addresses over the past week, with daily token creation surging to nearly 31,000, per Dune analytics data.
Yet Otychenko cautions that these bright spots exist against a backdrop of broader network pressure.
#SOL | #Solana
{spot}(SOLUSDT)
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