Solana price crawled back in the past few days as Bitcoin and most altcoins rebounded at the start of the year. The SOL token rose to a high of $133, up slightly from its December low of $117. Data compiled by SoSoValue shows that cumulative inflows rose to $774.7 million, bringing total net assets to over $1.02 billion. This makes it the fourth token to reach this milestone, following Bitcoin, Ethereum, and XRP.
Notably, Solana ETFs have had only one day of outflows since their approval in October last year. Their monthly inflow stood at $200 million in October, followed by $419 million and $147 million in the following two months. Bitwise leads Solana ETF assets with $681 million, followed by Grayscale’s, Fidelity’s, VanEck’s, and 21Shares, which have $170 million, $125 million, $26 million, and $6 million, respectively. Demand for Solana ETFs has remained resilient, even as investors scaled back their Bitcoin and Ethereum holdings.
The upcoming Alpenglow upgrade, scheduled to occur in the current quarter, could be a key catalyst for Solana. Alpenglow will introduce ultra-fast speeds, with finality moving from 12.8 seconds to between 100 and 150 milliseconds, and new consensus components known as a votor and rotor. It will also integrate Firedancer, the recently launched independent validator client for Solana. Nansen data reveals that the network processed nearly 2 billion transactions in the last 30 days, and third-party metrics show that Solana’s DEX protocols handled more volume than those on Ethereum and BSC Chain, combined.
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