Solana's price pushed toward the $120 mark this week, supported by a sustained run of inflows into US spot SOL exchange-traded funds and continued accumulation by corporate treasuries. The token changed hands near $116.46 at the time of writing, according to CoinGecko, up 3.3% in 24 hours and 15.7% over seven days. SOL briefly touched the $120 area after recovering from below $100 last week and has advanced 26.2% over the past month.
US spot Solana ETFs attracted $26.1 million in net inflows on Sept. 21, data from SoSoValue shows. Bitwise's BSOL contributed $14.44 million, while Grayscale's GSOL drew $7.8 million. The latest session extended a streak that has now reached 12 consecutive weeks. Cumulatively, these products have pulled in roughly $1.44 billion and held about $1.74 billion in net assets as of Sept. 21. In the week ending Sept. 18, they recorded $60.7 million, the largest weekly haul during the streak.
Corporate treasuries keep adding SOL
Public companies have also been building positions. DeFi Development Corp. said on Sept. 21 that it had accumulated about 101,381 SOL since Sept. 14, lifting its holdings by 4.24% in a week. Its treasury now stands at roughly 2.49 million SOL and SOL equivalents, with the company attributing the increase, valued at more than $10 million, to continued purchases and organic treasury growth.
Forward Industries disclosed a far larger position the same day, reporting approximately 8.16 million SOL and SOL equivalents as of Sept. 21, equal to about 1.39% of Solana's circulating supply. Between Aug. 4 and Sept. 20, Forward added roughly 357,000 SOL through purchases and staking rewards.
The rally has also squeezed traders positioned for declines. CoinMarketCap's market analysis recorded more than $21 million in SOL short liquidations over 24 hours as the token broke above recent resistance. Short liquidations force traders to buy back positions, adding market purchases as prices rise. SOL reached roughly $119 on Sept. 21, its highest level since January, after gaining more than 9% in a single 24-hour stretch. Bitcoin's recovery toward $86,000 during the same period coincided with gains across several large-cap cryptocurrencies.
ZetaChain vote may be the overlooked catalyst
Investors are also monitoring ecosystem developments. ZetaChain holders voted on Sept. 20 to move the project from its Cosmos-based Layer 1 to Solana. Proposal 68 passed with 99.4% support and 58% participation, comfortably clearing the required 40% quorum. The approval lets ZetaChain begin preparations to wind down its existing blockchain and convert native ZETA into an SPL token on Solana at a 1:1 ratio. ZETA's ticker and total supply will remain unchanged, while ZetaChain's Anuma AI application is expected to move to Solana. Anuma has more than 300,000 users and has processed over 1 million requests across 35 AI models, according to figures cited by the project. Although the migration has not happened yet, investors may be pricing in the prospect of ZETA and Anuma bringing more users and activity to Solana once the move is completed.
Technical picture
SOL's daily structure has strengthened considerably since its August breakout, with the token now near $116 after trading below $80 in the second half of August. The latest rally pushed SOL to an intraday high near $119.48 before sellers emerged below $120. The 9-day simple moving average has risen to roughly $107.76, leaving SOL nearly 8% above its short-term trend line. A pullback that holds the $107 to $108 region would keep price above the average that has tracked the latest leg of the rally.
The Elder Force Index has climbed to approximately 7.99 million and remains well above zero. The indicator combines price changes with volume, and its positive reading shows buying volume has dominated during SOL's move toward $120. EFI has returned toward levels seen during the late August breakout after easing during the consolidation around $100 earlier this month.
SOL is trading comfortably above its key moving averages, with the 20-day EMA at $105.45, the 50-day EMA at $96.95, the 100-day EMA at $90.65 and the 200-day EMA at $93.11. Price moving above all four averages leaves $105 to $108 as the first support zone if SOL retreats from $120. A break below that area could expose the 50-day EMA near $97, which sits close to the $96 to $100 consolidation range formed earlier in September.
The 9-day Rate of Change stands at 17.06%, compared with readings near or below zero during SOL's consolidation earlier this month. ROC has accelerated alongside the latest price breakout, confirming that the speed of the rally has increased as SOL approached $120. A daily close above the $119 to $120 resistance area could open a move toward $124, followed by the $128 to $130 region visible around the January breakdown. Failure to clear $120 would leave $107.76 and $105.45 as the closest technical supports, while a move below both would bring the $97 area back into focus.
This article is for informational purposes only and does not constitute financial advice.
