Solana held steady above $120 on Tuesday, maintaining a firm technical stance after a brief rally toward $125 the previous week. The cryptocurrency’s resilience at the $116 to $120 zone coincides with broad strength in digital asset markets, as total crypto capitalization approached $2.9 trillion over a 24-hour period. Market leaders Bitcoin and Ethereum also remained robust, trading near $84,000 and above $2,700 respectively.
Sustained ETF inflows highlight institutional demand
For 11 consecutive weeks, US-based spot Solana ETFs have reported persistent positive net inflows. Analyst Ali Charts confirmed that, since July 13, these funds have accumulated around 4.37 million SOL, currently valued at approximately $450 million. His analysis suggests this accumulation phase extends through September 25, covering the latest completed trading week.
Ali Charts outlined that institutional demand for SOL remains strong, with significant absorption of available tokens by ETF products. He set a $150 upside target for the asset, citing ongoing capital inflows as a critical supporting factor for further price appreciation.
With institutional demand continuing to absorb Solana, the analyst expects the next price move upward toward $150 as SOL ETFs reach $450 million in holdings over an 11-week period.
This development underlines Solana’s mounting appeal among institutional investors, who continue to increase their exposure despite recent market volatility.
Weekly ETF inflows reach year-high
During the week ending September 27, spot Solana ETF products in the United States collected $188.21 million in net inflows, according to SolanaFloor. This stands as the highest single-week inflow in the past 10 months and reflects growing confidence from market participants.
Bitwise’s BSOL led the pack, drawing in $128.46 million in new assets. Grayscale’s GSOL contributed $28.06 million, while Fidelity’s FSOL added $17.59 million over the same period. Additional figures from SoSoValue revealed another $12.70 million in SOL ETF inflows on September 28, bringing the cumulative total across all US-listed Solana ETFs to $1.62 billion. These products now collectively manage $1.93 billion in assets, representing about 2.76% of Solana’s total market capitalization.
In related activity, DeFi Development Corp expanded its Solana holdings by approximately 47,706 tokens since September 21, now holding nearly 2.54 million SOL in total.
Dominance in tokenized commodities and technical outlook
Solana’s ecosystem is also strengthening in the tokenized commodities sector. Between September 21 and 27, decentralized exchanges built on Solana processed $91.1 million in tokenized commodities trades. This figure accounts for 28% of the $322.7 million total market, up markedly from just 5% four weeks earlier. Competitors such as Robinhood Chain and Ethereum lagged behind with $81.3 million and $62.6 million in transaction volumes, respectively, while Canton Network registered $67.4 million.
The stablecoin supply on Solana reached $17.3 billion as of September 25, based on network data, with DeFiLlama reporting a slightly more conservative estimate of $16.37 billion.
Analysts pointed to technical indicators showing momentum is building. The four-hour Relative Strength Index stood at 55.99, while the MACD remained below its signal line, with a negative histogram still present. Analysts and investors continue to watch the $120 zone as primary support, with additional levels at $115 and $110. A successful close above $125 could open the way to $130, with the $150 target remaining a longer-term focal point.
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Spot Solana ETF inflows for the latest full week totaled $188.21 million, marking the strongest capital influx for the asset class in nearly a year and underlining increasing institutional adoption.
