Solana Gains on ETF Demand as Sui Delivers Upgrades
Layer 1 blockchains have been on the radar of crypto traders in search of the next big gain. Two established networks, Solana and Sui, are currently gaining traction. Solana trades around $76 after a strong week, supported by fresh spot ETF inflows.
Morgan Stanley's spot Solana ETF has seen significant inflows since its launch in late July, with the biggest single-day inflow among U.S. SOL ETF products in months. This demand is helping to support Solana's price, which remains well below its early 2025 record but has improved sentiment.
From a technical view, SOL has formed a tightening range, while the 20-day and 50-day moving averages remain just above as resistance. A daily close beyond that area could strengthen the short-term outlook for Solana.