Solana (SOL) has given back part of its recent gains amid a broader correction in the cryptocurrency market. However, overseas crypto media outlet CoinGape reported that market attention remains focused on Solana, as its Alpenglow upgrade is approaching deployment on a public testnet while U.S. spot Solana exchange-traded funds (ETFs) continue to see capital inflows.

■ Trading Around $114 Amid Market Correction

According to CoinGape, Solana traded near $114 on Thursday (local time), down 1.5% over 24 hours. Before the price reversed, it had risen more than 13%. Over the same period, the total cryptocurrency market capitalization fell 2.42% to $2.84 trillion. Bitcoin dropped below $84,000, Ethereum fell below $2,700, and XRP also declined 5% during the correction.

CoinGape explained that rising interest rates, a stronger dollar, and major changes to the Solana network have affected risk assets. According to U.S. Treasury data, the yield on the U.S. 30-year Treasury bond stood at around 5.4% on Wednesday (local time).

■ Alpenglow Testnet Deployment Imminent... Targeting 150-Millisecond Transaction Finality

According to CoinGape's report, the Alpenglow upgrade is moving closer to public testnet deployment as validators adopt Anza's Agave 4.3 software. Anza proposed a phased rollout on September 21 (local time), expanding deployment to mainnet validators, first requesting the upgrade from operators managing 10% of staked SOL and then expanding that share to 25%.

The new design replaces the existing TowerBFT with Votor, allowing validators to vote directly and finalize blocks more quickly. The finality time targeted by developers is approximately 150 milliseconds; compared to the current roughly 12.8 seconds, expected performance—if realized—would be about 85 times faster. SolanaFloor also reported on September 24 (local time) that Alpenglow represents the biggest change to Solana's consensus mechanism in its history and that testnet deployment is imminent.

CoinGape explained that shorter finality times could reduce the time needed for exchange deposits and lower processing delays for transfers via bridges. It added that this could also help payment processing in decentralized apps, provided the upgrade is successfully implemented.

However, Anza's tracking data cited by CoinGape showed that, as of recently released data, Alpenglow testnet deployment was still pending. In the initial testnet transition phase, only Agave is supported, while Firedancer and Frankendancer are not yet supported. CoinGape also noted that the September 28 (local time) schedule does not signify a confirmed mainnet launch date for Alpenglow, but rather a timeline for broader deployment of Agave features.

■ Spot ETF Sees $13.77 Million Net Inflow in a Day

Capital also flowed into Solana spot ETFs. According to SoSoValue data cited by CoinGape, U.S. spot Solana ETFs recorded a net inflow of $13.77 million on September 23 (local time). By individual product, Fidelity's FSOL saw $6.74 million and Bitwise's BSOL saw $3.94 million in inflows. Morgan Stanley's MSOL recorded $1.55 million and VanEck's VSOL recorded $1.54 million in inflows.

According to CoinGape, total assets in Solana spot ETFs stand at $1.73 billion, equivalent to 2.58% of Solana's total market capitalization. Daily trading volume was recorded at $130.47 million, with cumulative net inflows of $1.49 billion.

■ Will the $110 Support Hold?... RSI at 52.39 in Neutral Territory

CoinGape reported that on the 4-hour chart, SOL traded at $114.97, down 1.43% in the latest candle. Solana retested the $120 resistance zone before rebounding above $110, and moved around the $115 level as market participants watched whether the recent upward trend would continue.

According to CoinGape, Solana has been on an upward trend since trading around $97 last week, at one point approaching $120. Although the rally then stalled, after climbing above $110, that price level is considered a support zone on the chart. The latest candle's price remained below $120.

The 4-hour relative strength index (RSI) stood at 52.39, coming down from levels above 70. CoinGape explained that the momentum of price movement has therefore approached neutral territory but has not entered oversold territory. The MACD line was at 0.92, below the signal line of 1.66, with the histogram at negative 0.74. CoinGape reported that while SOL's price remains above support, the strength of the upward movement has weakened.

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