Solana eyes $120 rally as ETFs extend 10-week inflow streak

Solana held near $100 on Sept. 6 after bulls defended the psychological level and 200-day EMA, with a 10-week streak of ETF inflows underpinning a push toward $120.

Data from SoSoValue shows cumulative net inflows across US Solana spot products reached $1.35 billion, with total assets under management at $1.39 billion. Bitwise leads the providers, managing $949.83 million in assets and $1.03 billion in lifetime inflows, while Goldman Sachs has emerged as the largest known institutional holder of spot Solana ETF exposure, according to 13F filings cited by Whale Factor.

The inflow streak has persisted even as SOL pulled back from an Aug. 26 high of $110.50. Derivatives volume expanded 22 percent to $9.43 billion, while open interest slipped 1.40 percent to $6.47 billion, Coinglass data shows. The Relative Strength Index reads 62.15, retreating from overbought conditions, and the Chaikin Money Flow indicator at 0.25 points to continued capital accumulation.

On-chain activity supports the valuation floor. Solana dApps collected $305 million in fees during the week ended Sept. 5, up 50 percent from the prior week, while DEX volumes climbed from $51 billion to $61 billion, according to Santiment. Fee generation averaged nearly 9,200 SOL daily on Aug. 27, more than 80 percent higher than three months earlier, and non-vote transactions hit a record 191 million on a seven-day basis. The network added roughly 9.5 million new wallet addresses daily over the past week, and wallets holding 10,000 or more SOL grew by 1.58 percent, adding 52 whale-tier addresses.

The passing of the Double Disinflation proposal, SGP-0002, with 67.001 percent support doubles the annual disinflation rate to 30 percent, cutting about 18.9 million SOL from projected supply over six years. Exchange balances fell 4.91 percent as roughly 2.6 million SOL moved to self-custody, a shift that tightens available supply for trading.

A confirmed daily close above $100 opens a path toward the $110 resistance zone, with a break on volume potentially triggering momentum toward $120. Failure to hold $95 would expose SOL to downside toward $90, with $80 as the next focus. Analyst Wealthmanager pegs $250 as a longer-term objective should SOL hold support, while the persistence of the ETF inflow streak remains the key variable determining whether the current run extends.

This article is for informational purposes only and does not constitute investment advice.