September delivered a firmly bullish tape: 46 of 53 scored signals were bullish, with a net sentiment score of 0.74, and SOL rose 18.6% from $99.61 to $118.13. The month’s standout institutional signals were record spot Solana ETF inflows — $80M in a single day and $188.21M in a single week — alongside tokenized equity momentum that saw Solana approach 900,000 tokenized equity holders and tokenized stocks generate $16B in DEX trading volume. Infrastructure also strengthened as the Alpenglow upgrade reached testnet and posted a 54ms median finalization time.
Protocol revenue remained concentrated in launchpad and DEX activity: PumpSwap led with $106.1M in fees, up 22.7% month-over-month, while Raydium AMM became the fastest-growing major venue at +286.4% and $34.8M in fees. Long-tail launchpads exploded, with LaunchLab up 4,572.4% and BONK.fun Launchpad up 4,733.2%. Category momentum was mixed: Infrastructure led at 61 (rising) and RWA held neutral at 58 with TVL +3.8%, while DeFi (38) and memecoins (26) fell under pressure with TVL -6.2% and memecoin market cap -12.2%, respectively. The ecosystem composite score finished the month at 73/100.
Crypto groups urge SEC to tailor novel ETF rules, with Solana in focus
Crypto advocacy groups publicly pressed the SEC to adapt its rules for novel ETFs, specifically citing Solana products; the signal was scored bearish for September.
Spot Solana ETFs post record $80M single-day inflow
US spot Solana ETFs recorded their best single day on record with an $80.0M net inflow, adding to a surge of institutional demand.
Solana ETFs cap a week with record $188.21M in inflows
Weekly inflows into Solana ETFs reached a record $188.21M, marking continued institutional accumulation alongside SOL’s +18.6% monthly gain.
Solana Foundation appoints Rachel Conlan and Jamal Raess
The Solana Foundation named Rachel Conlan and Jamal Raess to drive institutional and payments growth, broadening the network’s institutional push.
Solana’s Toly says IRS staking tax reform matters more than tokenomics tweaks
Solana’s Toly argued that IRS staking tax reform is a higher priority than tokenomics adjustments, a regulatory-flavored signal scored bearish.
The Nexusol directory tracks 115 projects across DeFi, infrastructure, NFTs, gaming, and DePIN. A representative cross-section:
AccriumRWA · Lending
AllDomainsIdentity · Social
AmpleDeFi · Yield · Consumer
AnzaInfrastructure · Developer Tooling
ArciumPrivacy · Infrastructure · DePIN
AuroryGaming
AxiomTrading · DeFi
BackpackWallet · Exchange
