Solana changed hands close to USD 122.00 following a 1.18% increase over a 24-hour period, running alongside a 1.38% rise for Bitcoin. United States spot Solana exchange-traded funds sustained their capital attraction, pulling in USD 5.44 million on September 29 in the wake of a record-breaking week.
This latest daily total followed USD 12.70 million on September 28, bringing the combined two-day amount to USD 18.14 million. Concurrently, Circle generated USD 250 million worth of USDC on the Solana network while the cryptocurrency traded higher than its seven-day moving average.
Solana ETF Inflows Continue After Record Week
US spot Solana ETFs registered USD 5.44 million in net inflows on September 29, marking a decrease from the USD 12.70 million added the day prior. Trading volume also contracted, moving from USD 90.43 million down to USD 78.73 million across those same consecutive sessions.
Total cumulative net inflows rested at roughly USD 1.62 billion as of September 29. Aggregate net assets reached USD 1.94 billion, rising slightly from USD 1.93 billion on September 28. Net assets quantify the worth of fund holdings, whereas net inflows calculate subscriptions minus withdrawals.
Ongoing investments totaled approximately USD 188 million throughout the week concluding on September 25. Data released via Solana’s official social media channel showed that all seven participating funds secured capital during that timeframe.
Bitwise’s BSOL secured roughly USD 128 million, representing 68% of the weekly aggregate. Grayscale’s GSOL pulled in USD 28 million, and Fidelity’s FSOL contributed USD 18 million. The remaining USD 14 million was split among Morgan Stanley, VanEck, Franklin Templeton, and 21Shares.
September 25 generated USD 86.67 million in net inflows alongside USD 202 million in trading volume. Although funding persisted into the subsequent week, both following sessions brought in lesser amounts than Friday. Total fund assets also stayed beneath the USD 1.96 billion recorded on September 25.
Altcoins Strengthen as Circle Mints USDC
The Altcoin Season Index from CoinMarketCap climbed from 45 to 60 over the course of the week. This 15-point upward movement equates to an approximate 33% increase, pointing to stronger altcoin results relative to Bitcoin.
Even so, the index tracks price action rather than direct movements of investment capital. Solana’s daily advance lagged marginally behind Bitcoin’s performance, though both digital assets trended upward concurrently.
In a separate development, Circle created 250 million USDC utilizing the USDC Treasury on Solana. According to TokenPost reported, the transaction executed at 9:37 p.m. Eastern Time on September 29, which translates to 01:37 UTC on September 30.
This issuance expanded the aggregate stablecoin supply accessible across the network. The event does not verify whether holders deployed those funds to buy SOL; subsequent token transfers and market activity determine how the newly minted USDC enters circulation.
Solana Trades Above Support as Upgrade Testing Continues
Solana’s simple moving average over seven days sat at USD 118.94, trailing below its current market valuation. Immediate support held close to USD 117.30, with a secondary level at USD 117, while resistance boundaries spanned from USD 127.50 to USD 128.
Beneath the primary support zones, USD 112.50 served as a secondary technical marker. These metrics highlight areas for market observation instead of guaranteed price trajectories. SOL maintained its position between nearby support and resistance parameters following its daily growth.
Meanwhile, software developers tested Alpenglow, a network upgrade engineered to slash transaction finality times from about 12.8 seconds down to roughly 150 milliseconds. Finality designates the threshold where the network treats a transaction as completely irreversible.
Alpenglow made its way to a second public testing environment on September 25. Achieving faster settlement speeds remains a primary objective, and updates on September 28 left the mainnet rollout date undetermined. Consequently, technical testing advances alongside ongoing ETF subscriptions and stablecoin production, lacking a finalized schedule for mainnet deployment.
Also Read: How Solana is Expanding into Institutional Payments
