Solana Price Surges Past $110 Amid Record Institutional Demand
Solana's price has surged past $110 as investors continue to pour money into the token. According to recent data, the Bitwise Solana Staking ETF ($BSOL) posted its highest single-day trading volume ever, surpassing $126 million and breaking Monday's record.
The fund has now traded $500 million total over the past seven sessions, with US spot Solana ETFs posting 7 consecutive days of inflows. This includes a $9.14 million influx on August 26, bringing the cumulative net ETF inflows to near $1.26 billion, which accounts for about 2.2% of SOL's market cap.
The surge in price is largely attributed to institutional demand, with leverage playing a significant role in the rally's acceleration. This is evident from the gap between futures volume and spot volume, which reached $14.6 billion against just $1.7 billion in spot volume over the past week.