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Points of Focus
- SOL recovered to $105 after a late-August rise to $110 and a brief test of the $100 level.
- In August, the network completed a record 5.2 billion non-vote transactions.
- US spot Solana ETF inflows peaked at $60.9 million when the 11-session stretch came to an end.
Solana (SOL) spent its week stabilizing after a sharp late-August spike that lifted the token up from the mid-$70s average earlier in the month to a peak above $110. On September 3, SOL reached the $100 level before rising to $104-105 again.
The move coincided with new data on mobile campaigns and agentic payments, a confirmed network activity record, and a declining but still high demand for ETFs.
The market capitalization ranged between $58 and $62 billion. With futures open interest ranging from about $6.5 billion to $7.5 billion, derivatives continued to be dominant.
Solana (SOL) price analysis
According to Solana Compass, SOL completed August up over 46%, its first monthly gain in ten months. On August 27, the token hit an intraday high of $110.17-$110.38, its highest level since late January, before retreating.
Several concurrent factors backed the late-August leg upward. This included a $60.91 million single-day US spot Solana ETF inflow on August 27. What’s more, one of the key factors happened to be the passage of the SGP-0002 disinflation proposal with approximately 67 percent support.
Also, ongoing network upgrades, including higher block compute limits, and the Charles Schwab announcement of planned SOL spot trading access played their role in the uplift. Last but not least, short liquidations in the crypto space and broader risk-on conditions also contributed.
SOL fluctuated between $100 and 103 for a few rounds in early September before rallying. On September 3, it traded in the $99-$106 range before settling near $105. According to CoinGlass data, 24-hour futures volume was often eight to ten times higher than spot volume. Around the $110 high, open interest peaked at about $7.57 billion before declining to $6.5 billion as the market stabilized.
Solana and Bitcoin: Correlation and relative strength
In recent periods, there has been a strong positive correlation between SOL and Bitcoin. Data from Sharpe Terminal through early September showed a 30-day correlation of close to 0.80. Other trackers put the 30-day value at 0.80-0.86, and longer frames (90-day and one-year) remained above 0.80.
Yet, a strong correlation doesn’t necessarily indicate identical behavior. SOL tends to magnify Bitcoin movements in both directions since it has historically shown greater volatility.
The SOL/BTC ratio increased, reaching levels last seen earlier in the year, as SOL outperformed across many daily and weekly timeframes during the late-August rise. That relative strength was driven by Solana-specific catalysts like ETF inflows concentrated in SOL products, the disinflation vote, and network capacity upgrades, not only the copying of Bitcoin movements.
At the same time, the assets are not disconnected. In mid-to-late August, both contributed to the broader risk-on shift fueled by lower Treasury yields and regulatory signals. While SOL’s smaller but continuous product flows and onchain activity offered an independent bid, Bitcoin ETF inflows continued to be higher in absolute terms on numerous sessions. The connection sits somewhere between total dependency and full independence.
Solana posts record 5.2 billion August non-vote transactions
August saw the biggest monthly non-vote transaction count on record for Solana at 5.2 billion, a 19% rise from July’s previous peak.
The surge occurred following the activation of SIMD-0286 on July 29, which increased the maximum number of block compute units from 60 to 100 million. On August 10, daily non-vote transactions reached 171.9 million. Fees increased as well, and by late August, the seven-day average was close to 9,200 SOL.
BREAKING: Solana processed 5.2B non-vote transactions in August.
A new ATH, up 19% from July's record pic.twitter.com/zND3Av93VS
— Solana (@solana) September 1, 2026
Solana ETF flows cool after strong late-August intake
On August 27, US spot Solana ETFs saw a net inflow of $60.91 million (the strongest of 2026 and the third-largest since launch), led by Bitwise’s BSOL. At the late-August peak, cumulative category inflows were between $1.32 and $1.35 billion, while net assets stood around $1.49 billion.
Inflows slowed after that. The products continued to record positive sessions, including $18.08 million on August 28 and $10.19 million on September 1. However, an 11-session inflow streak ended on September 2 with a $6.13 million net outflow, all from BSOL. The total amount of inflows stayed above $1.34 billion
Solana institutional access widens
Charles Schwab announced plans to add SOL, AVAX, and LINK to its spot crypto trading platform for its 39 million accounts in the next months, expanding institutional access to Solana. The news came on August 27-28, coinciding with the price peak.
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