Solana faces critical $120 price resistance amid record ETF inflows

Solana (SOL) is currently facing a critical price decision point near the $120 resistance level. After a strong September recovery that saw the token rise from under $100 to over $120, recent trading has seen the price slip toward the $116–$118 range.

Several key milestones are influencing market sentiment. Institutional demand via spot Solana ETFs has reached a significant peak, with record weekly inflows of approximately $188 million reported for the week of September 21 to 25. Bitwise led these inflows with roughly $128 million, contributing to cumulative inflows that now exceed $1.61 billion over twelve consecutive weeks.

On-chain metrics also show growth, with stablecoin balances on the network reaching a record $17.3 billion. Additionally, the Alpenglow consensus upgrade has moved to the testnet phase, and there are ongoing efforts to integrate tokenized stocks on the network, with Backpack aiming to eventually host thousands of US stock symbols.