Solana token issuance hits intraday high, adoption rate drives price to $110

Core Insights

Solana prices remain near $105, as record token issuance drives online activity to new daily highs. Circle has minted 250 million USDC units on Solana, while SOL prices face resistance in the $104.5 to $105.5 range. Bitwise recorded $107.4 million in ETF inflows, putting Solana prices in the spotlight, and the market is closely watching whether it may move towards $110.

Solana token issuance sets a new daily record

According to data released by Crypto Warrior, Solana added more than 263,000 tokens in a single day, setting a record high. This surge further confirms the increase in overall network activity: despite difficulties encountered by SOL prices in breaking through key resistance areas, new project creation and token issuance remain active.

In addition, Circle has forged another 250 million USDC on the Solana network in the past 24 hours. This development adds important details to the latest token issuance record, indicating that the network has witnessed both the creation of new tokens and the increase in the supply of stablecoins.

Meanwhile, according to Solana official data, its application platform generated revenue of US$5.09 million in a single day. This number is about 50% higher than the next network on the list. Specifically, BSC recorded $3.3 million, Robinhood Chain recorded $3.24 million, Hyperliquid L1 reached $1.95 million, and Ethereum recorded $1.52 million.

These data show that recent activity is not limited to token issuance. This diversified mix of activity provides traders with another reason to monitor demand closely. App revenue and USDC issuance also provide multiple signals for Solana's continued use, even if SOL prices remain near key decision-making areas.

Institutions 'continued buying into Solana

Institutional interest is another part of Solana's recent narrative. The Arkham report shows that in the past month, Bitwise has purchased more than $100 million worth of Solana through its BSOL ETF.

More specifically, over the past 20 trading days, the BSOL ETF has attracted US$107.4 million in inflows, with only two days of outflows. This means that most recent trading sessions tracked by Arkham have seen money pouring into the fund.

The purchase occurred as Solana prices were trading around $103. Stable ETF inflows combined with strong online activity raise the question: Are institutions taking advantage of the recent weakness in SOL prices as an opportunity to increase exposure?

Arkham's data also shows that Bitwise holds large Solana positions. Its dashboard shows holding more than 9.034 million SOLs, worth approximately US$918 million at current prices. The data highlight the scale risks the fund faces as markets focus on the next step.

Solana prices face US$105 resistance

According to market analysis shared by Ella, Solana opened at $103.37 on Coinbase, then climbed to $105.17, and then fell back to around $103. This trend has put SOL prices back into resistance territory that limits larger gains.

The key resistance area is between US$104.5 and US$105.5. Buyers maintained the integrity of the short-term structure, but a rebound in rejection above $105 suggests sellers remain active near that level.

The daily closing price needs to stand above US$105.5 to provide buyers with a clearer signal. By then, US$107.5 to US$110 will become the next structural area to pay attention to. For Solana prices, if buying pressure continues, this will make the $110 target within reach.

The first support area is between US$101.5 and US$102.5. If the daily closing price falls below $101.5, it may weaken the current layout and bring the $99 to $100 area back into view.

Currently, SOL prices fluctuate between support and resistance levels. Record token offerings, strong app revenue, new USDC offerings and Bitwise capital inflows all suggest that online and investor activity remains solid. However, Solana prices still need to break the $105.5 barrier before a rise towards $110 can be confirmed as an effective breakthrough.