Solana (SOL) surged 11% within 24 hours to reach $85.87, marking its best daily close in three months. The asset's 24-hour trading volume increased by 270% to $5.26 billion, while the Crypto Fear and Greed Index hit 62, reflecting rising investor optimism.
The broader cryptocurrency market expanded by 7.86% to reach $2.37 trillion following positive regulatory signals from Washington. President Donald Trump indicated potential government acquisitions of large quantities of Bitcoin and other cryptocurrencies, and voiced support for the Crypto Clarity Act.
Alongside Solana's price movement, Bitcoin briefly reached $71,000, Ethereum rose 18% to over $2,250, XRP advanced 10%, and Dogecoin added nearly 8%.
Institutional demand remained evident in regulated investment products. On August 19, Solana spot ETFs recorded $2.10 million in daily net inflows, bringing cumulative inflows to $1.16 billion and net assets to $986.76 million. The Bitwise BSOL fund led with $5.63 million in inflows, while the Grayscale GSOL fund experienced $3.12 million in outflows.
Derivatives activity for Solana also expanded significantly. Futures trading volume rose 170% to $12.81 billion, and open interest increased by 10.28% to $5.75 billion. Options volume grew by 438.19% to $29.81 million, with open interest in options increasing 7.44% to $104.16 million.
Technical indicators showed Solana trading at $87.60 on August 20. The Relative Strength Index reached 85.98, placing the asset in overbought territory, while the Chaikin Money Flow metric stood at 0.44. Analysts noted that maintaining support above the $85 level could sustain the bullish structure toward $90 and $95, whereas dropping below $85 could test lower channel limits.
