Solana (SOL) 突破120美元大关，ETF需求与Alpenglow网络升级双轮驱动

关键亮点

从年中低点强劲反弹
通过ETF渠道的机构需求及衍生品市场扩张
Alpenglow协议增强功能已部署至测试基础设施

SOL在9月25日触及120.86美元，创下自1月底以来的首次突破

该代币自2026年6月约60.39美元的 trough（低谷）以来，涨幅已超过100%。
美国现货Solana ETF录得3281万美元的净资金流入，累计资产规模接近18.1亿美元。
SOL期货未平仓合约扩大至74.9亿美元，较9月初水平增长约14%。
旨在实现150毫秒交易最终性的Alpenglow协议增强功能，已在公共测试环境中部署。

价格里程碑与市场分析

Solana在9月25日创下显著的价格里程碑，突破120美元大关，达到120.86美元。这是自今年1月29日以来，SOL首次在此价位以上交易。
在过去24小时的交易时段内，该代币涨幅为3.56%。从周线时间框架来看，基于CoinGecko的数据，SOL上涨了7.61%。
相比之下，其他主要加密货币在同一窗口期表现较为温和。比特币徘徊在83,800美元左右，以太坊维持在2,687美元附近，XRP保持在1.57美元附近。加密货币总市值约为2.97万亿美元，全天呈现轻微下跌。

从中低点的强劲复苏

SOL's lowest point in June 2026 is $60.39. The current price of $120.86 represents an increase of more than 100% from that trough.
This value-added process takes place in multiple stages. Tokens rose from about $97 in mid-September to exceed $112 on September 18. Throughout August, SOL returned as high as 41.5%, building momentum for a rebound in September.
Market commentator The Kobeissi Letter pointed out on the X platform that Solana exceeded $120 for the first time since late January and climbed more than 100% from its annual low, observing that "the rebound in the crypto market is widening further."
This systematic accumulation rather than a single parabolic surge suggests that previous resistance levels of around $120 may translate into near-term price support.

Institutional demand and derivatives expansion in the ETF channel

The latest data shows that among the U.S. spot Solana ETF, a net inflow of US$32.81 million was recorded on the September 24 trading day. Bitwise's Solana Pledge ETF (BSOL) absorbed $27.97 million, while Fidelity's FSOL contributed an additional $4.84 million.
According to tracking data from SoSoValue, the total assets under management of these ETF products are now close to US$1.81 billion. Cumulative historical inflows of these investment vehicles have reached US$1.52 billion.
In the derivatives market, open interest in Solana futures climbed to US$7.49 billion from approximately US$6.57 billion in early September, an increase of 14%. Average daily trading volume in futures in the past 24 hours reached $11.76 billion, compared with $9.38 billion earlier this month.
CoinGlass data shows that approximately $21.43 million of positions were liquidated during the same 24-hour window.
From a technical analysis perspective, the Relative Strength Index (RSI) currently records at 61, and the MACD indicator shows a positive value of around 1.34. Both indicators point to good short-term momentum. Market participants are closely watching the $122 to $123 range as immediate resistance, and if this barrier is breached,$130 will be the next upside target.

Analyst Outlook

Analyst Master of Crypto outlined a broader perspective on the X platform, pointing to a cumulative period of approximately 703 days followed by a consolidation period of approximately 230 days, and said expansion begins now with a long-term goal of US$500.
"$SOL may finally enter the market we have been waiting for.~ 703 days of accumulation.~ 230 days of manipulation. Now that expansion is beginning rapidly, the main markup phase is coming.$ 500 is the goal. The only question is how long it will take to get there."

Alpenglow protocol enhancements deployed to test infrastructure

Meanwhile, Solana's Alpenglow protocol upgrade was successfully launched this week on its second public test network. The enhancement aims to reduce the transaction finalization time to approximately 150 milliseconds, a significant improvement from the current settlement time of 12.8 seconds.
The Anza organization responsible for the development of Solana's core infrastructure confirmed that devnet was activated on September 25 after the testnet completed its transition a day earlier. The Solana Foundation's official upgrade tracker now confirms that Alpenglow is operational in two test environments.
devnet是一个沙盒环境，开发人员可以使用无价值代币在其中试验应用程序；而testnet则为网络软件和验证器配置提供压力测试环境，以便在部署到生产主网区块链之前进行测试。