Solana ETF Attracts $188.22 Million! Stablecoins and RWA Also Reach All-Time Highs

▲ Solana (SOL) ©Godasol

Solana (SOL) has seen a slight correction to the $118 range after surging over 22% in the past two weeks, yet institutional demand and ecosystem metrics have soared to all-time highs. As spot ETFs continue to see net inflows for 13 consecutive weeks, and stablecoin supply and Real-World Asset (RWA) scale also hit record highs, attention is focused on the possibility of further price increases.

According to investment media FXStreet on September 28 (local time), Solana traded at $118.36 today, falling below $119. However, US-listed spot Solana ETFs saw a net inflow of $188.22 million last week, marking the second-largest weekly net inflow since their launch. With net inflows continuing for 13 consecutive weeks since early June, institutional investor demand remains robust.

Solana ecosystem metrics have also successively hit all-time highs (ATH). The stablecoin supply on the Solana network reached a record high of $17.3 billion. The Real-World Asset (RWA) ecosystem also set a new all-time high, exceeding $4.6 billion based on over 3,000 assets, and the number of Solana-based Tokenized Equity holders surpassed 1 million.

Technically, the short-term bullish structure remains intact. SOL is significantly above its 50-day exponential moving average (EMA) of $101.81, as well as the 100-day EMA of $93.94 and the 200-day EMA of $94.65. An ascending trendline starting around $81.96 is also supporting the price. The daily Relative Strength Index (RSI) is 62, not yet entering the overbought zone, and the Moving Average Convergence Divergence (MACD) histogram also remains in positive territory.

In case of a decline, the 50-day EMA at $101.81 is presented as the first major support level. Subsequently, long-term moving averages clustered between $96.19 and $93-$95 are considered additional support zones, and if the correction deepens, $81.96 and $77.07 are the next support levels.

Conversely, if the uptrend resumes, $123.96 is the first key resistance level. FXStreet analyzed that if SOL breaks this price level on a daily closing basis, it opens up the possibility for the existing uptrend to continue. The sustained inflow of spot ETF funds, along with the continued growth of the stablecoin and RWA ecosystems, were cited as key variables to support future bullish trends.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*