Solana Breakout Holds as Institutional Demand Hits New Highs

Solana's recent breakout has been met with skepticism, but data suggests that institutional demand is driving the token's price. Last week, US spot Solana ETFs drew a record $188.21 million in net inflows, their 13th straight week of positive flows.

The flow was particularly strong on Friday, with $86.67 million pouring into the funds, accounting for nearly half of the week's total. This influx of capital has helped push Solana's market capitalization to $70.7 billion, ranking it seventh among all cryptocurrencies.

Despite a morning dip of more than 4%, Solana's price is still up 20.98% over the past month, with a current price of $120.23. This gain has been driven by rising network activity and the recent launch of Alpenglow, a consensus overhaul designed to reduce finality times from 12.8 seconds to 150 milliseconds.

While some may view the token's price as overextended, given its proximity to the twice-rejected $119.90 resistance level, Solana's fundamental momentum suggests that it has a higher floor than its current price suggests.