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Points of Focus
- Solana (SOL) slipped below $94 after a 24.6% weekly rally and Saturday’s spike above $102.
- US spot Solana ETFs took in $24.67M across Aug. 20 and Aug. 21.
- SOL futures volume remains about 9.5x spot, with open interest near $5.91B.
Solana (SOL) slipped below $94 on Monday despite $24.67 million in US spot Solana ETF inflows across the latest two trading sessions. SOL fell as low as $93.59 before recovering toward $94, while still holding a roughly 24.6% gain over the past seven days.
The pullback followed a sharp weekend reversal from $102.49. SOL closed Saturday near $93.86, giving back the entire move above $100 within the same session. ETF demand has supported the recovery, but SOL still failed to hold above the level where selling picked up.
Solana ETF inflows remain concentrated in two funds
SolanaFloor’s tracker shows US spot Solana ETFs added $14.59 million on Aug. 20 and $10.08 million on Aug. 21. Grayscale’s GSOL contributed $7.14 million on the first day, while Bitwise’s BSOL added $6.57 million and VanEck’s VSOL brought in about $878,000.
BSOL then accounted for $8.73 million of the $10.08 million inflow on Aug. 21, with Fidelity’s FSOL adding $1.35 million. Across both sessions, BSOL and GSOL supplied about $22.44 million, or roughly 91% of the total. The inflows were positive, but demand remained concentrated rather than broad across the listed products.
SOL futures activity still outweighs spot trading
CoinGlass shows $8.55 billion in 24-hour Solana futures volume against about $899 million in spot volume, putting derivatives turnover at roughly 9.5 times spot activity. Open interest stands near $5.91 billion, while about $13.79 million in SOL futures positions were liquidated over the same period.
That imbalance matters after a 24.6% weekly gain because most trading turnover remains in leveraged markets. Open interest doesn’t show whether traders are net long or short, so it shouldn’t be treated as a bearish signal by itself. It does show that sizable leveraged exposure remains active as SOL tries to hold the $94 area.
SOL analyst sees relative strength against Bitcoin
Crypto analyst and MN Fund founder Michaël van de Poppe wrote on X on Sunday that SOL/BTC had only begun an uptrend after Solana reclaimed a level and moved above its 21-day moving average.
His view offers a counterpoint to the SOL/USD pullback, but the signal is relative to Bitcoin rather than a direct dollar-price target. SOL can strengthen against BTC while still struggling to reclaim $100 after Saturday’s rejection.
Clearly, the #Altcoins haven't seen any moves at all.
The $SOL vs. $BTC has barely started an uptrend. pic.twitter.com/HIHQfZghsq
— Michaël van de Poppe (@CryptoMichNL) August 23, 2026
At the latest check, CoinGlass put SOL near $94.08, about 8.2% below Saturday’s $102.49 high.
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