Solana is back on its feet at $100, one of the more performing mainstream coins in the backlash of the encryption market. CoinGecko data show that SOL has risen by more than 23 per cent in the past week, at a price of $107, for the first time since February this year, to three digits.
The ETF's start-up phase is high.
One of the factors driving this round is the continued strong ETF financial flows associated with Solana. Reports indicate that the cumulative net inflow of Solana ETF rose to $1.2 billion on Tuesday, attracting nearly $34 million on Monday alone, creating the largest single-day inflow since the current year and recording a net inflow of five consecutive trading days.
Increased dollar liquidity in the chain
The financial aspects of the chain are also improving. DefiLlama data show that the total stabilization currency on the Solana network is close to $16 billion on Thursday. This means a further increase in the dollar-denominated liquidity of the network, which can be used directly for transactions and DeFi activities, to support high-frequency transactions and chain applications.
In addition to increasing the size of the stable currency, the trade activity on the Solana chain remains high. DefiLlama shows that Solana's going to the Centralized Exchange for the last 30 days is close to $56 billion, and has exceeded $10 billion since this week. The market performance of Solana is more dependent on its low-cost, high-speed chain-trading capacity and DeFi use needs than on the “value storage” narrative of bitcoin.
Market risk preference is synchronized up
The broader market environment also supports encrypted assets. The report mentions that last week the United States Treasury announced a series of government debt buy-back arrangements, which some investors interpreted as a possible sign of improved market liquidity. When the risk tends to rise, funds tend to go to more volatile varieties such as encrypted assets.
In this round of rebound, Bitcoin took the lead and brought the whole market back to warm, one breakthrough of $80,000. However, in terms of the phase, SOL is clearly growing faster than most of the Yamashita.
However, the available data do not mean that funds are shifting from bitcoin to Solana on a large scale. CoinGlass shows that the United States spot bitcoin ETF still recorded a net inflow of over $232 million on Thursday, reaching $8 billion on that day, indicating that bitcoin remains one of the core assets of the current round of institutional funding.