Solana's Rally Cools Down: Can $188M in ETF Demand Sustain Momentum?

Solana's recent price surge has cooled down after a 22% rally over two weeks, but its modest pullback hasn't erased the token's gains. At the time of writing on Monday, SOL was trading at $118.36.

Investors are weighing whether institutional inflows and growing activity on the network can sustain the rally. Recent spot exchange-traded fund (ETF) flows point to continued demand, with a combined $188.22 million in last week's inflows, their second-highest weekly amount since launch.

Solana has reported record levels of stablecoin supply and real-world assets (RWAs), which offer support for the bullish case. The network said its stablecoin supply had reached an all-time high of $17.3 billion, while its RWA ecosystem had also reached a record of over $4.6 billion across 3,000 available assets.

The figures suggest Solana is gaining ground as a venue for assets represented onchain. However, the token still needs to clear nearby resistance to extend its rise, with the first upside level to watch at $123.96.