Solana Maintains Support Around $100 Amid Growing Institutional Demand

Solana's native token, SOL, is maintaining its support around $100 despite trading lower on Tuesday. The price consolidation comes after a 3% gain at the beginning of the week, extending its range within the psychologically important level.

Strong institutional demand remains in place, with Solana exchange-traded funds (ETFs) attracting $11.01 million in inflows on Monday. This marks the eleventh consecutive week of ETF inflows, with a total of $193.54 million accumulated in August alone.

The network's underlying fundamentals are improving, with rising transaction activity and increasing network revenue. Solana generated $45.35 million in network revenue last week, up from $32 million during the previous week, according to Blockworks data. Transaction activity also climbed to 1.07 million from 966,862 a week earlier.

The recent activation of the SIMD-0385 upgrade introduced the Transaction V1 format, expanding Solana's capabilities and giving developers more room to include instructions, signatures, and other data within a single transaction.