Solana Price Surges 100% as Alpenglow Upgrade Looms
Solana's price has rebounded significantly in recent months, mirroring the performance of Bitcoin and Near Protocol. The SOL token has jumped to $121.60, up 100% from its lowest level this year. This rally has coincided with the ongoing accumulation of Solana by retail and institutional investors. According to SoDoValue data, spot Solana ETFs have seen over $271 million in inflows in September, bringing the total to $1.9 billion.
The staking ratio has also jumped to 70%, with over 442 million coins worth $53.7 billion being staked. This is significant because investors who have staked their coins tend to hold them for a long time. The ongoing rise in Solana demand is happening as investors wait for the upcoming Alpenglow upgrade, which will introduce faster speeds and the Votor and Rotor systems.
The daily chart shows that Solana price has formed a bullish flag pattern, followed by a strong bullish breakout and a golden cross pattern. These patterns suggest that the SOL token will continue rising in the coming days or weeks. If this happens, the next key target to watch will be at $148, its highest level on January 14 this year.