Why is SOL up 8.16% Today, August 25, 2026? Heavy Turnover Extends a BTC-Led Risk Bid

SOL gained 8.16% amid unusually heavy turnover (7.24B, ~12.17% of market cap), signaling strong high-beta participation as BTC and ETH also advanced. The move appears driven by a broader risk bid amplified by BTC derivatives short covering (281.38M shorts closed) and falling open interest, consistent with position unwinds. Near-term focus is on whether spot demand sustains above the recent daily hold area.