Solana remained above the psychologically significant $100 mark on Wednesday after recording a 5% gain in the previous 24 hours. By the time of the latest update, SOL was priced around $101.32, outperforming the broader cryptocurrency market.
Market performance and technical setup
The total cryptocurrency market capitalization climbed 2.13% to $2.63 trillion. During this period, Bitcoin traded near $76,000 and Ethereum hovered close to $2,450, further highlighting Solana’s relative strength within the market.
Technical analyst Ali Charts identified a bull flag formation emerging on Solana’s four-hour chart. This technical pattern, which appears after a preceding rally, transitioned into consolidation near $101. Ali Charts noted $105 as a key resistance level and indicated that a consistent close above this threshold could indicate a move toward $130. In a social media post, the analyst described this scenario, cautioning that movement beyond $105 without confirmation risks a false breakout.
Ali Charts described how a sustained close above $105 could confirm a bullish breakout and pave the way for a rally toward $130, while warning that an unconfirmed move past $105 may result in a false breakout.
Momentum indicators supported Solana’s positive outlook. The MACD line stood at -0.10, trading above the signal line at -0.55, and the histogram showed a positive 0.44, suggesting increased momentum. The Relative Strength Index rose to 59.42, reflecting a rise in buying pressure while remaining below overbought territory.
ETF activity and support levels
Solana-focused exchange-traded funds recorded a combined net inflow of $836,930 on September 16, according to data from SoSoValue. Among these funds, Bitwise’s BSOL accumulated $2.69 million in capital inflows, whereas Grayscale’s GSOL registered $1.85 million in outflows. Across all seven Solana ETF products, total net assets have reached $1.38 billion, accounting for 2.38% of SOL’s total market capitalization. Daily trading volume for these ETFs totaled $51.57 million, with BSOL holding the largest share at $945.76 million in assets under management.
| ETF Product | Net Flow | Assets Under Management |
|---|---|---|
| Bitwise BSOL | +$2.69 million | $945.76 million |
| Grayscale GSOL | -$1.85 million | N/A |
| Combined (7 ETFs) | +$836,930 | $1.38 billion |
In a broader perspective, Ali Charts highlighted that over 40 million SOL tokens have been traded near the $100 level in recent months, forming what the analyst called a robust support zone. On the weekly chart, Solana displayed a cup-and-handle formation, with a key neckline referenced around $360.
Mini dictionary: SoSoValue, a digital asset analytics provider, offers research and real-time ETF flow data for institutional and retail market participants.
Moving averages and tokenized asset expansion
Technical analyst Trader Tardigrade observed an imminent convergence between the 100-period and 150-period simple moving averages (SMA) on Solana’s weekly chart. The analyst pointed to historical instances where such crossovers were followed by significant price expansion. Trader Tardigrade set a technical price target of $1,000 for SOL, although this reflects an individual outlook rather than a market consensus.
Tokenization efforts within the Solana ecosystem advanced as Solflare expanded its xStocks platform to include more than 750 tokenized equities. These digital representations give investors blockchain-based access to stocks from major corporations such as Nike, Disney, and Airbnb.
The US Securities and Exchange Commission granted a conditional five-year exemption on September 17 to facilitate blockchain-based trading of tokenized stocks and securities, effectively easing select exchange and brokerage regulatory hurdles.
At the latest update, Solana traded close to $100.14, with 24-hour trading volumes of $6.27 billion and a total market capitalization near $59 billion.
