Solana Soars as Governance Vote Nears

Solana's price has surged to $105, its highest level since January 31, after a seventh consecutive day of inflows into US spot ETFs. The token led gains among large-cap tokens on Thursday, climbing around 8% in the process.

According to data from Coinglass, about $14.6 billion in Solana futures changed hands over 24 hours, against roughly $1.7 billion on spot venues, with $22.6 million in leveraged positions liquidated. Open interest held near $6.5 billion.

The wider market moved in tandem with Solana's price increase. Bitcoin (BTC) returned to $80,000 after slipping under $78,000 a day earlier, Ether (ETH) reclaimed $2,550 and XRP (XRP) recovered toward $1.45, lifting the combined value of the market to about $2.78 trillion.

The seven-day streak of inflows into US spot Solana ETFs has seen funds take in a total of around $9.14 million on August 26, with Morgan Stanley's MSOL product accounting for $5.51 million of that. Cumulative net inflows now stand near $1.26 billion, or about 2.2% of the token's market value.

Validators and delegators conclude voting Thursday on three proposals filed under Solana's first formal governance process. One would double the annual disinflation rate from 15% to 30%, removing about 18.9 million SOL from scheduled emissions over the next six years. Another reworks resource fees, and could lift daily token burns roughly 14-fold.