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Can Solana keep $105? Key verifier votes are about to be announced

2026-08-28 12:17:29
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Solana prices return to $105, reaching a seven-month high

Solana (SOL) rose 8% to $105 on Thursday, the highest price since January 31. At the same time, U.S. spot ETFs achieved net inflows of funds for the seventh consecutive day.

Key Points

Solana traded close to $105 on Thursday, the highest level since January 31, and led gains among broader tokens.

On August 26, the net inflow of the U.S. spot Solana ETF was US$9.14 million, achieving positive inflow for the seventh consecutive trading day, with Morgan Stanley's products contributing most of the funds.

Verifiers completed voting on three proposals on Thursday, covering governance, distribution and network fees.

Solana price returns to $105 after seven months

The token gained about 7% during Thursday's trading session, becoming the strongest performing digital asset in the broader market. Solana futures traded about $14.6 billion in 24 hours, while spot volume was about $1.7 billion, with $22.6 million of leveraged positions liquidated, Coinglass data showed. Open interest remained near $6.5 billion.

The entire market also fluctuated. Bitcoin (BTC) returned to US$80,000 after falling below US$78,000 yesterday; Ethereum (ETH) recovered US$2550; and XRP (XRP) rebounded to around US$1.45, pushing the total market value to approximately US$2.78 trillion.

ETF fund inflows have been for seven consecutive trading days

The U.S. Spot Solana Fund had a net inflow of US$9.14 million on August 26, extending the record of consecutive positive inflows to seven days. Among them, Morgan Stanley's MSOL products contributed $5.51 million, with the rest spread among products from other issuers, according to SoSoValue. Cumulative net inflows are currently approximately US$1.26 billion, accounting for approximately 2.2% of the token's market value.

This continuous inflow began on August 18 and peaked on August 24. The fund's net inflow on that day was US$33.5 million, setting a single-day record in 2026 and setting a new record for the daily trading volume of this group of products. Since its launch in October last year, Bitwise's BSOL products have absorbed approximately 80% of the category's capital inflows, a concentration that has made the sector highly dependent on a single issuer.

Solana governance vote ends at a time of hot market

Verifiers and delegators completed voting on three proposals on Thursday that are part of Solana's first formal governance process. One proposal would double the annual inflation rate from 15% to 30%, which would result in approximately 18.9 million SOLs being removed from planned tokens over the next six years. Another proposal aims to adjust resource costs and could increase the daily token destruction by about 14 times.

Traders interpreted the second proposal as a signal of tight supply, while the chart already showed signs of overbought, with the daily Relative Strength Index (RSI) above 70. Anton Haritonov, an expert at Traders Union, attributed the rise to technical momentum plus governance activities, and predicted that the most likely scenario would be a consolidation between $95.80 and $112.21 rather than an immediate breakthrough in the upside.

The rally brought an end to a difficult period for holders. SOL opened at $85.37 on August 20 after trading close to $75 the week before breaking above $102 on August 25, but profit-taking pulled it back below $98 on Wednesday. Even after a week of about 35% gains, the token is still more than 60% below the all-time high set in January 2025.

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