Key Highlights
- SOL is holding around $99, despite a recent market correction, and remains 35% higher over two weeks.
- U.S. Solana ETFs recorded 11 straight days of inflows, with $10.19 million added on September 1 and total net inflows reaching $1.35 billion.
- Solana trading activity is rising, with derivatives volume up 20% to $9.44 billion and options volume up 21.18% to $15.18 million.
Solana price is currently holding around $99 on September 2 after a small market correction slowed its recent rise.
According to data from CoinMarketCap as of September 2 (6:09 PM UTC), the token is currently trading for $98.96, representing a 1.95% drop over the last 24 hours, while U.S. spot Solana ETFs recorded their 11th straight day of net inflows, keeping attention on the token’s recent price strength. Despite the daily drop, SOL remains 35% higher than it was two weeks ago.
Solana price chart as of September 2 (6:09 PM UTC) | Source: CoinMarketCap
Solana ETFs extend their inflow streak
The biggest development behind the recent market interest is the continued money flowing into Solana ETFs.
On September 1, U.S. spot Solana ETFs recorded $10.19 million in net inflows, according to data from SosoValue, this extended the streak to 11 straight trading sessions. The funds have now recorded total net inflows of $1.35 billion, while their combined assets reached $1.39 billion.
SolanaFloor also reported the continued inflows on September 2, saying U.S. spot ETFs had “logged net inflows for 11 straight trading days.” The latest data showed another strong session for the products, with total trading volume reaching $68.55 million.
Bitwise received the largest share of the latest inflows at $6.17 million. Fidelity followed with $2.67 million, while Morgan Stanley recorded another $1.36 million. Other listed Solana funds did not record new capital during the session.
Bitwise also remained the largest product among the funds, with $949.83 million in assets and lifetime inflows of $1.03 billion. The 11-day inflow run has continued even as Solana-related ETF prices have generally been weaker.
Solana derivatives trading picks up
The activity is not limited to the ETF market. According to data from Coinglass as of September 2, Solana’s derivatives trading also picked up, with volume rising 20% to $9.44 billion. At the same time, open interest fell by 1.52% to $6.49 billion. This means more Solana contracts changed hands, while the total value of outstanding positions declined.
Options trading also increased during the period. Solana options volume climbed 21.18% to $15.18 million, while options open interest increased by 1.64% to $135.98 million.
A break above $100 could open way for a new surge
On the daily price chart via TradingView, SOL remained above the important $95 support level. Its Relative Strength Index stood at 62.15 after moving down from overbought conditions. Chaikin Money Flow was also positive at 0.25, showing that capital was still moving into SOL.
Based on the current price action as at (6:09 PM UTC), the next key level is $100. A daily close above that mark would put the $110 resistance level in focus. If SOL moves through $110 with stronger trading volume, the report points to $120 as the next price level to watch.
The downside picture starts with the $95 support. A fall below that level could send SOL toward $90. If the token stays below $90 for a longer period, attention could shift toward the $80 level.
Also Read: Robinhood Chain Revenue Hits New All-Time High With $3.8M Daily Fee
