Solana ETFs Draw in $23.6M, Hitting a Four-Week High

U.S. spot Solana exchange-traded funds saw inflows of $23.57 million on Wednesday, their highest in four weeks, per SoSoValue data.

The positive netflow comes as Bitcoin trades near $97,000, accompanied by improving investor sentiment. Solana is currently trading at around $145, flat on the past day but up 8% over the past week, according to CoinGecko data.

Wednesday’s netflow provides “substantial momentum to potentially break Solana’s recently subdued trend,” Lacie Zhang, market analyst at Bitget Wallet, told Decrypt, adding that it “coincides with broader market recovery and could propel prices toward $150 if sustained.”

Sustained ETF demand would signal increasing institutional confidence in Solana’s robust ecosystem, she added, highlighting the project’s scalability and real-world utility.

A muted outlook for altcoins

However, the overall outlook among major altcoins like Solana, XRP, and BNB remains subdued, with rallies largely confined to select narrative-driven sectors like privacy coins and meme tokens.

The scale of the ETF demand itself may be insufficient for a major breakout. “The current demand is not strong enough to sustain bullish momentum or trigger a clear trend change,” Illia Otychenko, Lead Analyst at CEX.IO, told Decrypt. “Solana ETF total net assets account for only about 1.5% of SOL’s market capitalization, and their daily trading volume is less than 1% of total Solana spot volume.”

Traders on prediction market Myriad reflect this hesitation, assigning just a 17% chance that an ‘alt season’ begins in Q1 2026, up from 16% at the start of the week. (Disclaimer: Myriad is owned by Dastan, Decrypt‘s parent company.)

Solana’s fundamentals

Despite this, Solana’s fundamentals show pockets of strength. Nine of the 22 fastest-growing companies to reach $100 million in revenue are built on Solana, according to investment firm FrictionlessVC.

Additionally, Pump.fun, a Solana-based meme platform, has doubled its active addresses over the past week, with daily token creation surging to nearly 31,000, per Dune analytics data.

Yet Otychenko cautions that these bright spots exist against a backdrop of broader network pressure.

He highlighted declines in Solana’s overall DEX trading volume, transaction activity, and total app revenue in recent months. “As a result, while certain applications are growing, the network as a whole remains under pressure.”

Considering the crypto market’s recent growth, Zhang noted that “any perceived lag may stem from temporary market volatility; this disconnect often precedes bullish breakouts, underscoring the network’s undervalued potential for future gains.”