Solana's SOL Token Surges by Over 19% as US Treasury Boosts Buyback Operations
Solana's SOL token surged by over 19% this week, reaching a high of $91 before pulling back slightly to trade around $89. The move comes as broader crypto markets responded positively to a liquidity-friendly announcement from the US Treasury.
The US Department of the Treasury said it would double the size of certain buyback operations for longer-dated Treasury securities, raising them from $2 billion to at least $4 billion per operation. This eased liquidity concerns and pushed risk appetite higher across financial markets, including crypto.
Institutional demand has followed the price higher, with SOL spot ETFs recording a record-breaking $14.58 million in net inflows on Thursday. Derivatives activity also points to serious repositioning, with futures volume surging 177% to $13.7 billion and open interest climbing 7.9% to $5.66 billion.
Solana is pressing against the 200-day EMA, which sits around $89. The RSI is near 79, in overbought territory, while the MACD remains positive. Key levels to watch include $96.19 and then the $98-$100 zone, with a loss of $80 exposing the $70-$72 range.