Solana’s Path to $120: Surging ETF Inflows and On-Chain Growth

Solana (SOL) is showing signs of a significant bullish recovery as it builds a solid base around the $75 mark. While the asset still faces a crucial resistance level near $97, a combination of institutional interest and a dramatic spike in user activity suggests that a major breakout toward the $120–$130 range may be on the horizon. Current market data highlights a surge in daily volume to $1.61 billion, signaling that the altcoin is preparing to challenge its recent consolidation phase.

Institutional Momentum and ETF Dominance

Solana ETFs recently hit a two-week high in daily inflows, spearheaded by the Bitwise Solana Staking ETF (BSOL), which secured over $5.8 million in a single day. These investment vehicles, alongside Hyperliquid, now represent nearly 80% of the total trading volume for non-Bitcoin and non-Ethereum ETFs. Even with minor fluctuations in daily net flows, the total assets under management for Solana-related products are rapidly approaching the $1 billion milestone. This steady influx of capital reflects a shifting market sentiment and a growing appetite for Solana among institutional investors.

Rebounding On-Chain Activity and Technical Signals

On-chain metrics reveal a staggering 400% increase in dormant wallets returning to Solana decentralized exchanges (DEXs), with over 62,000 users resurfacing in a single week. This surge represents the highest number of returning users in over a year, providing the necessary network density to support a sustained price rally. From a technical perspective, the formation of a price base at $75 and a bullish Moving Average (MA) cross indicate that the momentum is shifting in favor of buyers. While the Relative Strength Index (RSI) remains supportive of an upward move, analysts note that a confirmed close above $97.89 is the final hurdle required to flip the market structure completely bullish.