Solana Price Soars on Treasury Buybacks and Strong Institutional Demand
Solana (SOL) price continues to surge on Friday, up over 19% this week and nearing its 200-day Exponential Moving Average (EMA) at $89. The boost in SOL price is attributed to improved liquidity conditions following the US Treasury's decision to double its debt buyback operations.
The increased Treasury buyback operations have eased liquidity concerns and boosted risk appetite, leading to a short squeeze across the crypto market. SOL price surged over 10% on Wednesday, continuing its gains to reach a high of $90.20 on Friday.
Additionally, institutional demand for Solana has strengthened this week, with SOL ETFs recording an inflow of $14.58 million on Thursday, the highest single-day inflow since the end of July and marking the third straight day of positive inflows so far this week.