Solana Price Ripe for More Gains as ETF, Staking Inflows Jump Ahead of Alpenglow Upgrade

Solana (CRYPTO: SOL) has staged a strong comeback in the past few months, and this rally may continue as ETF and staking inflows jump ahead of the closely anticipated Alpenglow upgrade. SOL token jumped to $121.60, up by 100% from its lowest level this year. Solana ETF and Staking Inflows are Rising SOL token has rebounded, mirroring the performance of Bitcoin (CRYPTO: BTC) and Near Protocol (CRYPTO: NEAR), which have jumped by double digits from their lowest levels this year. The rally has also coincided with the ongoing accumulation by retail and institutional investors. SoDoValue data shows that spot Solana ETFs had over $271 million in inflows in September after adding $193 million in the previous month. These funds have added over $478 million in inflows in the last three months, bringing the net assets to $1.9 billion. Bitwise’s BSOL ETF leads the charge with over $1.32 billion in assets and is followed by Fidelity’s FSOL, Grayscale’s GSOL, and Morgan Stanley’s MSOL, which have $242 million, $220 million, and $57 million in assets, respectively. Read Also: Tom Lee’s BitMine Stock Flashes Golden Cross as Ethereum Buying Nears an Inflection Point The amount of staked Solana is also on a strong upward trend as investors take advantage of the 5% reward rate. Its staking ratio jumped to 70%, with over 442 million coins worth $53.7 billion being staked. This is important because investors who have staked their coins tend to hold them for a long time. The ongoing rise in Solana demand is happening as investors wait for the upcoming Alpenglow upgrade, which will make it a better chain than its peers. It will introduce faster speeds and the Votor and Rotor systems. Votor has already been activated on the mainnet’s testnet, while Rotor will likely happen later. Eventually, the upgrade is expected to be activated later this quarter. Solana Price Technicals Point to a Rebound SOL price chart | Source: TradingView The daily chart shows that Solana price bottomed at $60 in June and then doubled to the current $121.60. It formed a bullish flag pattern between August 17 and September 27. This pattern is made up of a vertical line and a descending or horizontal channel. The coin then made a strong bullish breakout and moved above the key resistance level of $110, which was the upper side of the flag. It has then formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other. These patterns suggest that the SOL token will continue rising in the coming days or weeks. If this happens, the next key target to watch will be at $148, its highest level on January 14 this year. Such a move would suggest a 23% surge from the current level. Read Also: Charles Hoskinson’s Midnight Token Becomes Overbought Amid Ecosystem Challenges Image: Shutterstock