Solana Surges Past $100 on Crypto-Friendly Policy Hopes
Solana's price has broken through the $100 mark for the first time in over six months, reaching as high as $103 on Binance's Tether market. This surge represents a 30% increase from its value just four days prior, when it was trading at around $77.
The token's rise is attributed to increasing investor sentiment, fueled by expectations of a crypto-friendly U.S. government policy and the spillover effect from Bitcoin into major altcoins, including Solana. The prospect of lower Treasury yields and increased market liquidity has also contributed to the rally.
Additionally, in-flows into spot Solana exchange-traded funds have supported the price increase, with U.S. spot Solana ETFs seeing net inflows of about $10.26 million in the week ended Aug. 14. This marks a significant jump from the previous week's level, which was around $0.15 million.