Solana Price Surges 5% on Governance Vote and ETF Inflows

Solana's price has surged by over 5% in the past 24 hours, reaching $106.71 at press time.

The altcoin's rally comes on the back of a key governance vote that could reduce future Solana supply and sustained spot ETF inflows.

While the daily chart shows the price is firmly overbought with an RSI of 81.31, the weekly trend still has room for further upside, suggesting the broader bullish trend can continue.

The bulls retain control in the short-term, as seen on both the daily and 4-hour charts, where the MACD remains above its Signal line and zero lines.