Solana Price Surges Amid Institutional Demand and Supply Cut

Solana's price has been on an upward trend, currently trading at $105.16 after posting a daily gain of 1.51%. The asset continues to trade above its key moving averages, reflecting support across multiple timeframes.

The Bitwise Solana Staking ETF has surpassed $1 billion in assets under management within 10 months, indicating substantial institutional and retail demand for Solana exposure through regulated investment channels.

The Solana community recently approved a proposal to sharply reduce new SOL token issuance, cutting supply by approximately 18.9 million over six years.

Technical indicators show that SOL trades above key moving averages with bullish signals, an expected range of $97.29 to $118.43, and a high probability of further upside.