Solana Price Holds Above $99 as ETF Inflows Extend to 11 Days
Solana's price has held above $99 despite a mild market correction. The token declined 2.95% over 24 hours, underperforming the broader cryptocurrency market, but remains 35% higher over two weeks.
The support comes from eleven consecutive days of ETF inflows, which continue to fuel expectations for near-term price gains. According to data from September 1, Solana spot exchange-traded funds saw $10.19 million in daily inflows, with a total net inflow of $1.35 billion and combined assets totaling $1.39 billion.
Trading volume in the products reached $68.55 million, with Bitwise being the top demand at 6.17 million. Fidelity followed with 2.67 million, while Morgan Stanley saw an additional capital injection of $1.36 million.
The trading of Solana derivatives also gained momentum, with a 23% increase in volume to 9.43 billion. However, open interest decreased by 1.40% to $6.47 billion, indicating some traders were unwinding leveraged positions despite the increased turnover.