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Points of Focus
- Solana trades at $98.93 after falling below $100 despite record daily token creation.
- More than 263,000 new SPL tokens were minted in one day, over five times the December 2024 daily peak.
- US spot Solana ETFs drew $11.2 million on Sept. 9 while SOL moved lower.
Solana (SOL) traded at $98.93 on Friday after falling below $100, even as the network recorded an all-time high for daily token creation.
More than 263,000 new Solana Program Library (SPL) tokens were minted on Wednesday, according to Solscan, compared with 40,000-50,000 per day at the peak of the memecoin cycle in December 2024.
Solana token creation hits 263,000 record
The record marks a sharp increase in asset creation on Solana, but the figure doesn’t measure demand for SOL. Solscan’s network guide says its new SPL token metric tracks how many new tokens are created, not their adoption, liquidity, or long-term viability.
Launchpad data shows that Pump.fun accounts for only part of the broader issuance record. Blockworks tracked 40,360 tokens created through launchpads that day, with Pump.fun accounting for 34,184, or about 85% of the launchpad total.
Against the more than 263,000 network-wide SPL tokens tracked by Solscan, Pump.fun represented about 13% of all tokens created that day.
The 263,000 figure captures network-wide token creation, while the smaller Blockworks data set measures activity across tracked launchpads. Record issuance alone doesn’t show whether the new assets attracted sustained trading or capital.
SOL falls below $100 despite ETF inflows
SOL moved in the opposite direction. The token fell from an intraday high above $105 on Sept. 9 to below $100 on Sept. 10 as a broader risk-off move hit crypto markets. Brent crude approached $110 on Friday, and the US 10-year Treasury yield neared 5%, adding pressure to risk assets, according to Reuters.
Exchange-traded fund (ETF) flows offered a counterpoint. US spot Solana ETFs recorded $11.2 million in net inflows on Sept. 9, all through Bitwise’s BSOL, according to Farside.
SOL still broke below $100 the following day, showing that the one-day ETF inflow didn’t coincide with price support at the psychological level.
Solana derivatives stay elevated near $100
Derivatives activity also remained heavy around the break. CoinGlass showed about $6.29 billion in SOL futures open interest, with 24-hour futures volume near $7.46 billion versus roughly $731 million in spot volume. Futures turnover was more than 10 times spot activity.
Crypto trader and analyst TraderSZ added to his SOL long position while identifying a clean break below $90 as the level that would invalidate his bullish setup. SOL’s subsequent fall below $100 has pushed price closer to that threshold, though it remains roughly 10% above the analyst’s invalidation level.
we have added a little more to $SOL longs here
system expects another trend leg up soon
im wrong on a clean break below 90 https://t.co/wkVqR6TjAK pic.twitter.com/RskG5ahMQG
— TraderSZ (@trader1sz) September 5, 2026
SOL remained below $100 with roughly $6.29 billion in futures open interest.
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