Solana ETFs Hit 17-Day Streak of Inflows As SOL Price Eyes $160

Solana ETFs hit their 17th day of consecutive inflows since they started in late October. The products have been gaining traction in the United States since they debuted, joining the likes of Bitcoin (BTC) and Ethereum (ETH), among other ETFs.

The Solana ecosystem continues to be a vital part of the blockchain technology hitting Wall Street. The products have pulled liquidity and activity, but have failed to lift price in the recent past.

More institutions are using the blockchain to mint and capitalize on its liquidity. Will this positive sentiment from Solana ETFs power the price action back to levels above $160?

Solana ETFs Hit 17-Day Streak of Net Flows

Solana ETFs inflows have been seeing consecutive days of net inflows since late October, with the total now at $714.80 million. The daily net flow was $55.61 million on Wednesday, which was the highest for the last 12 days. The inflows have been positive in this period, though their volume has been flat.

The first five days had the highest volume, but the Solana ETFs seem to be back to these premier days. However, this needs confirmation with inflows of similar volume in the next three or so days.

The price action of Solana was still around $133 at a time when the total net assets were at their new peak. The highest days saw absorption of $70.05 million a day when SOL price was trading around $164.

The 17-day streak elicits hype around Solana and its products, which could lift the lagging price. Still, the market could slap back with silence, as most altcoins are undergoing massive pullbacks.

Meanwhile, the ETFs are not the only booming products in the Solana ecosystem; stablecoins claim a part too.

Circle Mints USDC On Solana, More Liquidity

Circle minted $500 million worth of USDC on the Solana blockchain, but did it in two bits. The financial institution minted $250 million on each of the cases.

Circle has increased its USDC minting on Solana more than on other blockchains, while PYUSD also follows a similar move. This means that more liquidity is being pumped into the chain. The impact on price is yet to be seen as most coins struggle, even Bitcoin.

Liquidity drives the prices of assets by pulling traders to that particular market. With Solana getting this liquidity injection from the stablecoin being minted on the chains, it means there is high interest in their trades.

However, are these enough to power SOL price back to $160 in the short-term future?

SOL Price Eyes Rebound to $160

SOL price was eyeing a rebound toward $160 as per the 4-hour timeframe chart. The view was backed by CT analyst BlockchainBaller. SOL breached an ascending channel and entered a widening wedge pattern.

BlockchainBaller wrote, “Now we’re retesting the demand zone around $133–$136 – exactly where buyers have stepped in before. If this zone holds, $SOL could be gearing up for a relief leg toward the $150–$158 imbalance above.”

The $160 zone was the next target, and a breach of the level would push the price to $170. However, sellers seem to be giving a fight, thus the price is still stalling between $130 and $145. This zone is a battleground for buyers and sellers that is yet to become definitive.

Altogether, the streak in Solana ETFs flows could power the price action of SOL to $160. Still, the bears remain relevant in this fight as buyers try to make their case.