Solana‘s price approached the $120 mark as spot SOL exchange traded funds in the United States recorded 12 straight weeks of net inflows and buying from corporate treasuries added to the momentum. According to CoinGecko, SOL traded near $116.46, rising 3.3% in the last 24 hours and 15.7% over the past week.
US spot Solana ETFs post record inflows
Spot Solana ETFs in the US saw $26.1 million in net inflows on September 21, figures from SoSoValue show. Bitwise’s BSOL accounted for $14.44 million, while Grayscale’s GSOL brought in $7.8 million. This extends the inflow streak to 12 weeks, with total net inflows reaching roughly $1.44 billion and net assets at $1.74 billion by September 21.
The week ending September 18 marked the largest seven day intake yet during the streak, with $60.7 million added to Solana ETF products. ETF demand has provided consistent buying support as institutional interest for the asset grows.
Parallel to ETF activity, several publicly listed companies expanded their SOL holdings. DeFi Development Corp. announced on September 21 that it had increased its treasury by 4.24% over a week, purchasing around 101,381 SOL since September 14. Its holdings now stand at 2.49 million SOL and SOL equivalents, with the recent acquisitions valued at over $10 million thanks to continued buying and organic growth.
Forward Industries reported a far greater position the same day, with approximately 8.16 million SOL and SOL equivalents as of September 21. This represents around 1.39% of Solana’s circulating supply. Between August 4 and September 20, Forward Industries accumulated 357,000 SOL through purchases and staking rewards.
Market surge and technical breakout
Solana’s rally accelerated after moving above key resistance levels, triggering over $21 million in short liquidations within 24 hours, according to CoinMarketCap. Short liquidations require traders to buy back their positions, adding further upward pressure as SOL surged.
SOL reached an intraday high near $119 on September 21, its highest point since January, at one point gaining more than 9% in a single day. The move coincided with Bitcoin‘s recovery towards $86,000 and rising prices among major cap cryptocurrencies.
Ecosystem developments also captured investor attention. ZetaChain holders voted on September 20 to migrate the project from its Cosmos based Layer 1 to the Solana blockchain. Proposal 68 passed with 99.4% support and 58% voter participation, clearing the required quorum. ZetaChain plans to convert all native ZETA tokens to SPL tokens on Solana at a 1:1 ratio, and the project’s Anuma AI application is also set to move to Solana. According to project data, Anuma serves over 300,000 users and has handled more than 1 million requests on 35 AI models.
The approval allows ZetaChain to start transitioning its blockchain and convert ZETA at a 1:1 rate to Solana’s SPL format, with the ticker and total supply remaining unchanged. Moving Anuma AI and ZETA to Solana is expected to draw more users and activity once the migration is complete.
SOL price analysis
Technically, SOL’s price structure has strengthened since its mid-August breakout, gaining from below $80 to near $116 by late September. The most recent rally drove the coin to an intraday high at $119.48 before sellers emerged just below $120.
The 9-day simple moving average sits near $107.76, with SOL currently about 8% above this short term trend line. A pullback that holds above the $107 to $108 region would keep the price comfortably above levels that have supported the rally. The Elder Force Index, which measures buying and selling volume, has risen to approximately 7.99 million and remains strongly positive, indicating that buying activity prevailed throughout the move.
SOL trades well above its key moving averages, with the 20-day EMA at $105.45, the 50-day EMA at $96.95, the 100-day at $90.65, and the 200-day at $93.11. The $105 to $108 zone forms the first area of support if SOL pulls back from $120. A break below this could push the price towards the 50-day EMA around $97, close to the consolidation range seen earlier in September.
The 9-day Rate of Change, now at 17.06%, shows that the speed of the rally has surged as SOL approached $120. A daily close above the $119 to $120 resistance zone could open the path for moves toward $124 and then $128 to $130, matching levels reached before the January drop. Failing to hold above $120 could leave SOL exposed to the $107.76 and $105.45 supports, or eventually bring $97 back into play.
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