Solana trades at $116.87 as ETF inflows hit $28.87 million and momentum slows

Analyst Views and Technical Outlook

Market analyst Crypto Patel noted that Solana has more than doubled from his previously identified accumulation range of $60-$67, reaching as high as $120. This move, representing an increase of over 100%, suggests significant gains for traders taking positions in the earlier range.

Despite this sharp rally, Patel retained an optimistic long-term target for SOL, stating that $500-$1,000 remains achievable, but he also foresaw a possible medium-term correction below $70 and potentially toward $50. During the recent retracement from $120, Patel observed that traders who bought between $60-$67 are now positioned profitably. He emphasized no changes to his long-term price targets despite recent pullbacks.

Redlion, another prominent analyst, said Solana has regained traction since reclaiming the $110 level. He considers $110-$111 as a vital support range, and highlighted that the price structure remains constructive as buyers defend critical breakout levels. According to Redlion, the primary resistance stands at $119-$121, and a move above $121 could open the way to $123 or higher. On the downside, loss of the $110 zone would likely weaken the immediate outlook.

The daily RSI is currently hovering around 70, suggesting that Solana is somewhat stretched after its recent rally. Redlion anticipated a consolidation phase as the token absorbs these gains.

Patel continues to see $500-$1,000 as long-term targets for SOL, while Redlion highlights the importance of the $110-$111 support zone and the $119-$121 resistance band as key technical levels to watch in the near term.

ETF Flows and Market Activity

Data from SoSoValue showed strong institutional interest. On September 22, Solana spot ETF net inflows reached $28.87 million, lifting cumulative net inflows to $1.47 billion and total net asset value to $1.77 billion. Previous net inflows stood at $47.62 million and $26.10 million on September 18 and 21 respectively, reflecting a significant rebound in demand after a slow start to the month.

Trading activity mirrored this trend, as SOL’s ETF trade value rose to $93.96 million on September 22, though this was lower compared to the $142.79 million posted one day earlier. On September 18, trade value hit $199.56 million, further supporting heightened interest. Each session over these recent days recorded positive net flows, but future sessions will be crucial in determining whether demand remains sustained.

On the technical front, Solana hovered near dense liquidity clusters in the $116.8-$117.3 range, based on CoinGlass liquidation heatmap data. Downside breakouts could pressure the $115-$116 zone, while significant liquidation activity has clustered above $119.5-$120.2, forming the top resistance region. An advance beyond $120 could increase pressure in the $121-$123 area.

Derivatives and Momentum Indicators

Simultaneously, derivatives activity moderated as futures volume fell by 19.11% to $9.78 billion, and open interest declined 1.41% to $7.13 billion, according to CoinGlass. Despite these declines, the OI-weighted funding rate remained slightly positive at 0.0006%, suggesting a mildly bullish stance.

Short-term technical averages stayed supportive, with the 20-day Exponential Moving Average (EMA) at $106.76 and the 50-day EMA at $97.82. Solana’s price, around $117.09, remained above both levels. The 100-day EMA stood at $91.22 and the 200-day EMA at $93.37, underscoring the token’s strength above medium-term moving averages.

Momentum indicators reflected continued buyer strength, with the MACD line at 5.49 and a positive histogram reading of 1.19. These technicals point to an ongoing uptrend but also suggest short-term overextension.

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Currently, Solana’s price action reflects its position above major support and resistance levels, while increased ETF inflows and declines in derivative trading illustrate a mix of optimism and caution among traders. Market participants continue to monitor whether SOL can maintain its support and eventually push above the $120-$121 area.

Robust ETF inflows, shifting technical indicators, and evolving investor strategies are keeping SOL volatility high, with the coming days expected to clarify the strength of current momentum.