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Crypto

Solana Soars as Institutional Demand Fuels Price Rally

Guavy AI Editorial Team
Instruments
SOL
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Solana has been on the rise since early June, following a multi-stage price rally backed by spot ETF inflows. The cryptocurrency has seen a significant increase of almost 92% in value, with its current price sitting at $119.84.

According to trading expert Ali Martinez, the strong support close to $100 and dwindling exchange supply contributed to Solana's recovery after it briefly fell below $100 in mid-September due to the CLARITY Act not advancing in the US Senate.

Martinez pointed out that spot SOL ETFs have accumulated roughly 4.37 million SOL, worth around $450 million, since July 13, with 11 consecutive weeks of net inflows. This institutional demand is seen as a positive indicator for Solana's future price movement.

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