Key Highlights
- Solana price maintains position around $120, staying comfortably above critical support zones.
- American spot Solana ETFs have recorded positive inflows for 11 consecutive weeks.
- Market analyst Ali Charts projects SOL reaching $150 in upcoming price action.
- Last week’s ETF inflows totaled $188.21 million, marking the most robust performance in nearly a year.
- For the first time ever, Solana dominated tokenized commodities trading volume.
The Solana token maintained its position around the $120 mark during Tuesday’s trading session, comfortably positioned above the crucial $116 support threshold. Following a test of the $125 resistance level late last week, SOL experienced a modest retreat.
This price movement occurred as the broader cryptocurrency market capitalization climbed 1.11% within a 24-hour period, reaching $2.9 trillion. Bitcoin hovered near the $84,000 threshold, while Ethereum maintained its position above $2,700.
American spot Solana exchange-traded funds have now recorded positive capital flows for 11 consecutive weeks. Market analyst Ali Charts reported that these investment vehicles have collectively acquired approximately 4.37 million SOL tokens since mid-July.
In data shared via X, Charts indicated the funds currently control around $450 million in SOL holdings. “Given that institutional demand keeps absorbing Solana supply, I’m monitoring for the next upward movement targeting $150,” he stated, establishing $150 as his bullish objective.
His calculation of 11 uninterrupted weeks extends through September 25. The ongoing trading week had not yet concluded when his analysis was published.
Weekly ETF Capital Flows Reach 10-Month Peak
American spot Solana ETFs attracted $188.21 million during the seven-day period concluding September 27. According to SolanaFloor, this represents the most substantial weekly performance recorded in 10 months.
Bitwise’s BSOL product topped the list with $128.46 million in incoming capital. Grayscale’s GSOL contribution amounted to $28.06 million, while Fidelity’s FSOL secured $17.59 million in inflows.
According to SoSoValue tracking data, an additional $12.70 million flowed into these investment products on September 28. Total net inflows across all Solana-based ETFs have now reached $1.62 billion, with aggregate net assets standing at $1.93 billion.
This amount represents 2.76% of Solana’s overall market capitalization. In related news, DeFi Development Corp disclosed it has accumulated approximately 47,706 SOL tokens since September 21, elevating its total position to roughly 2.54 million SOL.
Solana Takes Top Position in Tokenized Commodities Market
Decentralized exchanges operating on Solana facilitated $91.1 million in tokenized commodities transactions during the September 21-27 period. This volume represented 28% of the combined $322.7 million market total, per Blockworks analysis.
Robinhood Chain secured the runner-up position with $81.3 million in volume, capturing approximately 25% of market activity. Notably, Solana’s market share increased dramatically from just 5% four weeks prior.
Canton Network placed third with $67.4 million in weekly transaction volume. Ethereum registered $62.6 million during the identical timeframe.
The stablecoin supply circulating on Solana reached $17.3 billion as of September 25, according to network-specific data. However, DefiLlama’s Tuesday assessment placed the figure somewhat lower at approximately $16.37 billion.
From a technical perspective, the four-hour Relative Strength Index registered 55.99, suggesting strengthening momentum. The MACD indicator remained positioned below its signal line, while the histogram continued displaying negative values.
Market participants are monitoring $120 as the primary support threshold, with additional backstop levels identified at $115 and $110. A successful breakthrough above $125 would bring $130 into focus, while $150 remains the upside objective monitored by market analysts.
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