Solana (SOL) surged 8% on Thursday, recovering the $105 level. It was the highest price since January 31. The U.S. spot ETF saw inflows for seven straight trading days, helping fuel the rally.
Key point
On Thursday, Solana briefly neared the $105 level for the first time since January 31, reclaiming it and recording the biggest gain among major coins.
U.S. Solana spot ETFs received $9.14 million in inflows on just one day, August 26, with most of that coming from Morgan Stanley’s product.
A validator vote will close on Thursday for three proposals dealing with governance, issuance structure, and network transaction fees.
Solana regains $105 after seven months
On Thursday during intraday trading, coins surged by about 7%, delivering the most noticeable gains among major digital assets. According to CoinGlass data, Solana futures trading volume over the past 24 hours came to roughly $14.6 billion—more than eight times the spot market’s amount of about $1.7 billion. Liquidations of leveraged positions totaled about $22.6 million, while open interest was maintained around $6.5 billion.
The whole market rose together. Bitcoin (BTC) was pushed below $78,000 from the previous day before recovering to $80,000, while Ethereum (ETH) regained the $2,550 level. XRP (XRP) tried to recover around the $1.45 mark, lifting the total crypto market capitalization to roughly $2.78 trillion.
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Solana spot ETF sees inflows for seven straight trading days
U.S. Solana spot ETFs saw an additional $9.14 million inflow on August 26, continuing positive net flows for a seventh straight trading day. According to the tally, the MSOL product managed by Morgan Stanley drew in $5.51 million and led the inflows. The rest was distributed in smaller amounts across other issuers’ products.
So far, the cumulative net inflow amounts to about $1.26 billion, or roughly 2.2% of Solana’s market capitalization.
This “buying run” began on August 18 and peaked on the 24th. At the time, related funds attracted $33.5 million in a single day, recording the largest daily inflow since the start of 2026—while also setting a new daily trading volume record for the entire ETF group. Bitwise’s BSOL product, launched in October of last year, has absorbed about 80% of the capital that has entered this category, effectively solidifying its “top spot” status. It also suggests the industry as a whole is overly dependent on a particular issuer.
Governance vote tilt at the final stretch… a overheated chart
On Thursday, validators and delegators will wrap up voting on three proposals submitted under Solana’s first official governance process. One of the key items would double the annual disinflation (reduced issuance) rate from the current 15% to 30%. If approved, about 18.9 million SOL would be removed from the issuance schedule over the next six years.
Another proposal is to adjust the resource fee structure, a design that could increase the daily token burn size by as much as about 14 times. Traders are essentially interpreting this item as a “supply reduction.”
The price chart is already flashing overheating signals. The daily RSI has moved above 70 into an overbought zone.
Anton Kharitonov, a strategist at Traders Union, assessed in his analysis that “a rise where a technical momentum overlaps with governance-related issues” helped drive the move. Still, he presented a base-case scenario that sideways trading and pullbacks are likely to continue in the $95.80–$112.21 range for the time being—placing more weight on a period of catching one’s breath rather than a “straight-line rally.”
This rebound has strong characteristics of a “relief rally” after a long and painful stretch for existing holders. SOL started at $85.37 on August 20, quickly pulling the price up from the $75 range traded the previous week. It then broke above $102 on the 25th, but as profit-taking sell orders poured in, it slipped again below $98 on Wednesday.
Despite a roughly 35% jump over the past week, Solana remains more than 60% below its all-time high recorded in January 2025. With three factors—technical overheating, ETF inflows concentrating, and changes in the supply structure—operating together, the market’s biggest question is whether the $105 level can settle in as a “new support.”
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