Solana Soars Above Eight-Month High as Institutional Demand Rises

Solana's price has been on an upward trend, reaching a new high of $119 before retreating to $116. This is the first time in eight months that Solana has broken above this level.

The altcoin's momentum is driven by institutional demand, with the BSOL ETF recording over $47 million in inflows on September 18th. Since then, most of SOL Spot ETFs have recorded net inflows, pushing assets to $1.74 billion.

However, small-scale investors are selling out, causing a slowdown and retracement in Solana's trend. Over the past week, Spot netflow has been negative only once, with exchange inflows peaking at $98 million on September 21st.

Despite this sell pressure, the market structure is leaning bullish. The Normalized RVGI indicator has been on an upward trajectory for six consecutive days, and the Trend Pressure Prism shows a score of 87, indicating strong conviction in the market's direction.