Solana Price Surges Above $90 to Three-Month High

Solana's price surged above $90 on August 21, reaching its highest level in more than three months as a broad market rally and institutional buying pushed the cryptocurrency sharply higher. The token climbed to an intraday peak of $93.39 before settling near $92, marking a weekly gain of approximately 25%.

The rally was driven by a confluence of factors, beginning with a US Treasury announcement on August 20 to expand certain debt buyback operations. The Treasury will increase the size of liquidity-support buybacks for longer-dated nominal coupon securities from $2 billion to at least $4 billion per operation. This move, aimed at improving market liquidity, boosted risk appetite across financial markets and contributed to a broader short squeeze in the cryptocurrency sector that erased billions in bearish positions.

Institutional demand provided further support. Spot Solana exchange-traded funds attracted $14.60 million in net inflows on August 20, marking their largest single-day intake since late July and extending a three-day streak of positive flows. Derivatives markets also signaled strong conviction, with Solana futures trading volume soaring 177% to approximately $13.7...