Solana’s Surge Past $200 Echoes FTX-Era Momentum as Institutional Inflows and SNORT Presale Highlight Ecosystem Growth

Solana (SOL) has broken through the $200 psychological barrier, reaching $203 this week amid record trading volumes and open interest. The rally is being fueled by accelerating institutional adoption, most notably the REX-Osprey SOL+ Staking ETF (SSK) which crossed $100 million in assets under management just days after launch. Meanwhile, the solana ecosystem continues to demonstrate its appeal for innovative projects, with Snorter (SNORT) - a trading bot platform - raising $2.2 million in its presale. This price action and ecosystem development recall the network effects last seen during Solana's 2021 bull run when FTX's support helped propel the blockchain into mainstream consciousness. The current institutional embrace suggests Solana may be entering a new phase of maturation beyond its previous retail-driven cycles.

Solana Breaks $200 as Institutional Interest Fuels Rally; Snorter Token Gains Attention

Solana (SOL) surged past $200 this week, briefly touching $203 amid explosive trading volumes and record open interest. The rally reflects growing institutional demand, exemplified by the REX-Osprey SOL+ Staking ETF (SSK) surpassing $100 million in assets within days of launch.

Smaller Solana-based projects are riding the momentum, with Snorter (SNORT) raising $2.2 million in presale. The trading bot's early success mirrors recent Solana token breakouts like Bonk and PENGU, suggesting speculative interest is spreading beyond SOL itself.

Market depth at $200 remains contested, but derivatives data shows traders are doubling down—open interest hit $5.7 billion while spot volumes jumped 64% to $14.6 billion in 24 hours. The ecosystem's activity surge underscores its resurgence after last year's FTX-related slump.

FTX to Start Next Creditor Payout on September 30

FTX will commence its next round of creditor distributions on September 30, following a bankruptcy court's approval to reduce the claims reserve by $1.9 billion. Claim holders must be registered by August 15 to qualify. The exchange has already returned approximately $6.2 billion to former customers.

Payouts will be processed via BitGo, Kraken, and Payoneer. The court additionally mandated revisions to FTX's proposal for handling claims in restricted jurisdictions, signaling ongoing legal scrutiny.