Solana continues to attract investor attention, showing significant growth in transaction volumes and interest in a recently launched ETF. Data indicates that demand for the token is rising, and while the price remains below a crucial resistance level, it continues to trend upwards.
Increase in SSK ETF Flows
Solana ([SOL](https://crypto.news/price/solana/)) is trading near $193, down from its recent high of $210 but still more than double its 2024 lows. The interest in the new Solana ETF is supported by high demand from investors.
The 24-hour trading volume jumped to $3.6 billion.
Data from ETF.com indicates that demand for the recently launched [REX-Osprey SOL + Staking ETF](https://crypto.news/sol-price-solana-meme-etf-inflows-86-percent-rally/) with the ticker SSK saw net inflows of over $25.8 million last week, significantly higher than the previous week’s $3.5 million.
SSK has recorded inflows for the last seven consecutive weeks, increasing the total investment to $164 million, and it currently holds over $183 million in assets, making it one of the top altcoin ETFs.
Technical Analysis of Solana's Price
Daily charts reveal that the SOL price has been in a strong uptrend over the past few months, rising from a low of $95.42 in April to the current level of $193.
Solana has formed an ascending channel and is slightly below its upper level, also establishing a golden cross pattern when the 50-day and 200-day moving averages intersected. Based on this, it is likely that Solana's price will continue to rise, with an initial target of $210. A move above this level may indicate further gains towards the all-time high of $295.
Overall Insights on Solana's Status
Recent data also indicates that the supply of stablecoins on the Solana network has increased by 6.2% over the past month to exceed $11.6 billion, while the adjusted transaction volume has risen 6% to $186 billion. With recent monthly transactions totaling 2.44 billion and over 90 million active addresses, Solana remains one of the most active chains in the crypto industry.
Solana continues to show strong dynamics amid growing investor interest and active network usage. Given the current trends, further growth in both price and transaction volume is possible.
