Solana has emerged as one of the top performers among major cryptocurrencies, posting a roughly 10% gain over the past seven days. The token recently hit the $120 target after breaking out of a bullish flag pattern, though profit-taking has since pulled it back from that resistance level.
Despite the pullback, several underlying indicators suggest the broader recovery remains intact. Institutional flows into Solana-linked exchange-traded funds have been positive for eight consecutive trading days, with approximately $130 million in net inflows during that period. This sustained demand, rather than a one-off spike, indicates growing investor interest through regulated vehicles.
Futures market participation is also rebuilding. Data from CoinGlass shows that SOL open interest has climbed from a recent low of $5.9 billion on September 17 to roughly $6.92 billion. Open interest measures the total value of outstanding derivatives contracts, and its recovery signals that traders are returning to the market and establishing new positions.
However, rising open interest is not inherently bullish, as it includes both long and short contracts. Its directional impact depends on other factors such as funding rates, liquidations, and price action. In this case, the increase alongside SOL's weekly advance points to greater speculative engagement as traders position for the next move.
On-chain fundamentals also look supportive. Application fees on the Solana network have risen steadily for nine weeks, indicating increased activity across decentralized finance protocols, trading platforms, and memecoin launchpads. In the second week of September, Solana applications collected over $100 million in fees, the first weekly reading above that threshold since September 2025, when SOL traded above $200.
Pump.fun has been a major contributor, generating approximately $161 million in fees over the past 30 days, about four times the amount collected by its closest competitor, Axiom. Solana application fees also approached current levels between January and February 2026, when SOL traded near $140.
Can Solana rally toward $150?
The first potential support level for SOL is near $113, an area that previously attracted demand on shorter time frames. A rebound there would suggest that buyers remain willing to enter on relatively shallow pullbacks. The stronger support zone sits between $107 and $110, which could become the most likely destination if the correction deepens.
A decisive bounce from $107-$110 would preserve Solana's bullish market structure and create a potential base for another advance. In that scenario, the next major upside target would sit between $145 and $150. A rally from roughly $116 to the upper end of that range would represent an increase of around 30%.
Conversely, a sustained break below $107 would weaken the bullish setup and raise the probability of a deeper correction. For now, growing application fees, eight consecutive days of ETF inflows, and recovering futures participation support Solana's outlook. Holding the $107-$113 region could provide the confirmation needed for SOL to begin its next move toward $150.
This article is for informational purposes only and does not constitute financial advice.
