invezz.com
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Solana price has held above $120 after US spot $SOL exchange traded funds recorded their largest weekly inflows since launch, giving the token fresh support as it approaches resistance near $125.
CoinGecko data shows $SOL trading near $120 on Sept. 30, little changed over the past 24 hours but up more than 4% over the past seven days.
The token has recovered from a weekly low near $113 and reached $124.5 on Sept. 27 before pulling back below $120 and recovering.
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Institutional demand has remained one of the main factors supporting the move.
US spot Solana ETFs recorded a combined $188 million in net inflows during the five trading sessions through Sept. 25, according to SoSoValue data.
The inflows have arrived alongside progress on Alpenglow, one of Solana's largest planned network upgrades.
Solana's Alpenglow upgrade is now running on both its public devnet and testnet, where developers can test applications before the consensus changes reach mainnet.
The upgrade replaces TowerBFT with the Votor consensus system and targets transaction finality of around 150 milliseconds, down from roughly 12.8 seconds under the existing system.
A mainnet launch date has not been confirmed, and the 150 millisecond target has yet to be demonstrated under live market conditions.
Testing therefore remains an important stage before the upgrade can deliver the performance targeted by developers.
Simultaneously, liquidity inside the Solana ecosystem has been rising at the same time.
Stablecoin supply on the network reached a record $17.3 billion on Sept. 25, around $600 million above the previous high recorded in August.
Solana remained the third largest blockchain for stablecoin supply according to DefiLlama's figures, behind Ethereum and Tron.
$USDC accounted for roughly $8.4 billion of the $17.3 billion figure.
The number of Solana wallets holding $USDC increased from around 8.1 million on Aug. 10 to more than 9.3 million by Sept. 25.
ETF inflows are therefore occurring while $SOL trades close to its highest levels since the latest rally began, with Alpenglow testing progressing and stablecoin balances on the network sitting near record levels.
$SOL's daily chart shows price recovering from the $72 to $75 region in August to around $120 at the time of writing.
The move has produced a series of higher highs and higher lows since mid-August, although price has stalled below $125 after reaching the area in late September.
The Elder Force Index remains positive after rising strongly during the August and September rally.
Its latest reading is around 4.38 million, above the central reading near 3.17 million but below the recent highs above 7 million.
Positive EFI readings indicate that buying force remains present, but the retreat from the latest high shows that buyers are not exerting the same pressure seen during the strongest part of the move.
$SOL would need another increase in buying force to support a clean break through the late September high.
The nine-day Rate of Change gives a similar reading.
ROC remains positive at 1.75%, meaning $SOL is still trading above its level nine days earlier, but momentum has cooled considerably from readings above 20% during parts of September.
Price holding above $120 while ROC remains above zero would keep the recent upward structure intact.
A turn below zero while $SOL loses the $116 to $118 area would indicate that short-term momentum has moved in the opposite direction.
The 4-hour chart places the immediate breakout level at $124.95, which is the upper boundary of the 20-period Donchian Channel.
$SOL is currently trading near $121.11, while the channel midpoint sits at $120.64 and its lower boundary at $116.32.
$SOL has moved back above the $120.64 midpoint after recovering from below $118. A 4-hour close above $124.95 to $125 would take price above both the Donchian upper band and the recent September high.
Such a breakout would leave $130 as the next psychological level.
The daily chart then leaves room towards the $140 to $145 region, where $SOL traded before its steep decline earlier in 2026.
Money Flow Index has recovered to 55.38 on the 4-hour chart after falling into the mid-30s during the latest pullback.
The move back above 50 shows that positive money flow has returned, while the reading remains well below the 80 level commonly associated with overbought conditions.
$SOL therefore has room for MFI to rise if price makes another attempt at $125.
A breakout accompanied by MFI moving further above 50 would give the move stronger confirmation, particularly if the Elder Force Index rises at the same time.
Failure to clear $124.95 would leave $SOL trading inside its current Donchian range.
The midpoint at $120.64 is the first level to watch, followed by the recent buying area around $117 to $118 and the lower Donchian boundary at $116.32.
A 4-hour close below $116.32 would break the lower edge of the current range and weaken the structure that has formed since the Sept. 29 low.
