Solana climbed to $96 on Sunday, May 10, reaching its highest price level in 8 weeks. The last time $SOL traded at the $96 level was on March 17. The move capped off a strong week for the asset as traders rotated back into large-cap altcoins and investment products tied to Solana.
TradingView data showed $SOL steadily climbing throughout the week before reaching the $96 mark during Sunday trading. The rally also coincided with improving sentiment across the broader digital asset market.
Institutional demand around Solana continued to strengthen during the same period. Solana spot ETFs recorded $39.22 million in net inflows over the past week, marking one of the strongest weekly inflow totals in 9 weeks. Total net inflows into Solana spot ETFs have now reached $1.07 billion.
Crypto Investment Products Extend Winning Streak
The global trend also flipped positive with overall Investment products linked to Solana posting strong results. According to CoinShares’ Digital Asset Fund Flows Weekly Report, Solana investment products attracted $47.6 million in weekly inflows, the highest level in 10 weeks, which placed Solana among the strongest-performing major digital assets for the week.
Digital asset investment products recorded $857.9 million in inflows over the past week, extending a 6-week streak of positive flows. Total assets under management across digital asset investment products rose to $160 billion as investors increased exposure to crypto markets.
Bitcoin led the market with $706.1 million in weekly inflows, pushing year-to-date inflows to $4.9 billion. Ethereum followed with $77.1 million in inflows after recording $81.6 million in outflows during the previous week.
Short Bitcoin products recorded $14.4 million in outflows, the largest weekly outflow of the year. The move suggested that some traders unwound bearish hedge positions as confidence in the market rally strengthened.
CLARITY Act Developments Lift Market Sentiment
Optimism about the US CLARITY Act helped boost crypto market sentiment after lawmakers released the final stablecoin yield provisions, which resolved one of the bill’s biggest roadblocks. The updated text limits crypto firms from offering interest purely for holding stablecoins in ways similar to bank deposits, while still allowing rewards tied to actual platform usage.
Faryar Shirzad, Chief Policy Officer at Coinbase, called the compromise a “big step forward”, while industry figures like Brian Armstrong and Patrick Witt signaled growing momentum behind the legislation.
Polymarket traders now estimate a 62% chance that the CLARITY Act becomes law in 2026, with the Senate Banking Committee expected to review the bill next week.
Bitcoin Volatility Returns as Geopolitical Risks Intensify
While regulatory developments improved market sentiment, geopolitical tensions continued to inject volatility into crypto markets. Bitcoin briefly surged above $82,000 on Sunday, May 10, before quickly pulling back toward the $80,000 level, where it is currently trading. TradingView data showed price swings as traders reacted to headlines surrounding the ongoing US-Iran conflict and peace negotiations.
The market initially responded positively to signs of progress in negotiations earlier in the week. However, sentiment shifted after US President Donald Trump criticized Iran’s latest proposals. In a Truth Social post, Trump stated that he did not “like” Iran’s latest terms and described them as “totally unacceptable.” The reaction contributed to another wave of volatility across crypto and broader risk assets.
According to CoinGlass data, 91,200 traders were liquidated over the past 24 hours. Total liquidations reached $406.23 million during the period.
Liquidation data showed that volatility impacted both bullish and bearish positions. Over the past 24 hours, long liquidations totaled approximately $165.64 million while short liquidations reached roughly $241.63 million.
The coming week could prove very important. Markets will likely continue to monitor developments around the CLARITY Act while reacting to any escalation or progress in US-Iran negotiations.
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