Solana (SOL) saw demand for its spot ETFs surge on August 27, but the two previous days with the highest inflows had been followed by declines of more than 20%.
Key points:
Spot Solana ETFs recorded $60.91 million in inflows on August 27, their third-largest day since launch.
The two biggest inflow sessions in 2025 had been followed—over the subsequent two weeks—by pullbacks of at least 20%.
Network fees, DeFi deposits, and growth in tokenized assets now provide stronger support than at the time of these previous peaks.
Inflows into Solana ETFs
Spot Solana ETFs in the United States recorded $60.91 million in net inflows on August 27—nearly seven times the volume of the previous session and their best performance since November 3, 2025, according to BeInCrypto, citing SoSoValue data. Trading volumes more than doubled to $196.82 million, while cumulative flows rose 4.83% to reach $1.322 billion.
Bitwise’s BSOL fund concentrated about 66% of these inflows, even though five of the nine listed vehicles attracted capital.
This record is nonetheless accompanied by a cautionary signal. Solana ETFs had already recorded $69.45 million in inflows on October 28, 2025, before SOL fell 20.1% over seven days and 27.5% over a month. A new spike to $70.05 million on November 3 preceded a 21.1% drop over two weeks. Two occurrences are not enough to establish a statistically robust correlation, especially since the entire crypto market had weakened in late 2025.
Also read: XRP: more than $335M from a “whale” leaves Binance as selling pressure on derivatives rises
Banerjee’s network reading
For Ananda Banerjee, however, the current rally is based on more solid network fundamentals than during these previous episodes. Tokenized real-world assets (RWA) reached a record $4.167 billion on August 25, while the number of SOL holders rose 12.12% over 30 days. Monthly fees on the network jumped 37.29%, DeFi deposits increased 24.36% to reach $5.96 billion, and Solana’s share of decentralized exchange volumes climbed to 31.16%.
The network’s capacity has also strengthened. The maximum block size increased by 66% in July, while MoneyGram’s cash payment rails now cover more than 170 countries.
However, other signals remain more timid. The supply of stablecoins has increased by only 0.59% over 30 days, while SOL gained 46.3% over the period. The weekly number of active addresses fell by 7.23%, while the Binance buyer/seller taker ratio, at 0.907, points to more pronounced aggressiveness on the sellers’ side than on the buyers’ side.
Open interest on derivatives jumped 62.19% in nominal U.S. dollar terms, but only 10.34% when measured in SOL, suggesting that much of this increase is due to the price appreciation rather than a proportional rise in positions.
This limits the scope of conviction signals that can be drawn from derivatives activity.
SOL was trading at around $107 after a 49.35% gain since August 16, with resistance identified at $109.39 and supports at $105.98 and $101.77. A drop below $94.95 would significantly weaken the bullish setup. The move is part of an approximately 46% monthly rise, placing Solana in a high price zone, close to the one that had coincided with the strongest inflows into ETFs in 2025.
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