Solana held above $120 on September 29 after US spot ETFs logged 11 straight weeks of net inflows, with analyst Ali Charts targeting $150. The token faces a key technical test near $127.50, while onchain data shows funded wallets and stablecoin activity both surging in September.
Analyst Eyes $150 After ETF Inflow Streak
Solana traded near $121.23 on September 29, extending its recovery from below $100 earlier this month. Analyst Ali Charts set a $150 target, citing sustained demand from US spot exchange-traded funds.
According to Ali Charts: "US Spot Solana ETFs have accumulated roughly 4.37 million $SOL, worth around $450 million." That marks 11 consecutive weeks of net inflows, which the analyst framed as a sign of sustained institutional interest. That forecast, however, remains conditional on demand continuing, since SOL also responds to broader market swings.
Weekly ETF Inflows Hit a 10-Month High
US spot Solana ETFs drew $188.21 million in the week ending September 27, the strongest weekly reading in ten months according to SolanaFloor data. Bitwise's BSOL led the group with $128.46 million, followed by Grayscale's GSOL at $28.06 million and Fidelity's FSOL at $17.59 million.
Cumulative net inflows have reached $1.62 billion, with total net assets at $1.93 billion. Those assets now represent 2.76% of Solana's market cap.
Price Approaches a Key Resistance
Solana's rally has maintained an ascending structure of higher highs and lows since recovering from its June lows, though momentum is beginning to cool near resistance. Coinpedia data puts the RSI around 68.8, capped below the 70 threshold for several days, suggesting momentum is weakening but still bullish.
The $127.50 level marks the upper boundary of the ascending structure, and a daily close above it would strengthen the bullish setup. A rejection followed by a break below $117 to $114 could instead send the price toward the $110 support area.
Network Activity Expands Alongside Price Gains
Solana's onchain footprint grew in September alongside the price move. Funded wallets on the network jumped to 16.10 million, a 38.5% increase from the prior month, according to Solscan data cited by Crypto Briefing. Daily active addresses for stablecoins reached 888,000, a 269% jump year-over-year.
The network's monthly active programs hit 7,699 in September. Arbitrage and sandwich bots led the category breakdown with 877 programs. DeFi applications followed at 315, ahead of cross-chain bridges at 288.
Sources: CoinGape, Coinpedia Fintech News, Crypto Briefing
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