Solana Price Pulls Back as Institutional Inflows and Network Growth Continue

Solana's price has cooled down after a strong two-week rally that saw it surge over 22%. The token is currently trading at $118.36, slightly below its previous high of $119. However, investors remain optimistic about the token's prospects due to growing demand and increased activity on the network.

The recent influx of institutional investment into Solana has been a key driver of its price increase. Spot exchange-traded fund (ETF) flows have seen a significant boost, with a record $188.22 million pouring in last week alone. This marks the second-highest weekly inflow since the launch of these funds and extends their streak of positive flows to 13 consecutive weeks.

Solana's stablecoin supply has also reached an all-time high of $17.3 billion, providing dollar-denominated liquidity for transfers, trading, and other applications. The network's real-world assets (RWAs) ecosystem has also hit a record high of over $4.6 billion across more than 3,000 available assets.

The next test for Solana will be whether it can clear the nearby resistance level of $124. A daily close above this level would give buyers a clearer sign that the token's advance can resume.