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SOL Solana seeks to extend latest rally, key resistance levels determine short-term trend
Solana is trying to continue its latest rally, with the token breaking through the key $100 level and approaching key resistance areas that may determine its near-term trajectory.
Key price and price structure concerns
SOL fell back after hitting a high of about $110 in late August, and the recent trading range is between $101 and $102. Although the token is trading well above summer lows, traders are closely watching whether the $100 area provides continued support-a development that could lay the stage for further gains.
Technical analysts pointed out that immediate resistance lies between $104 and $107, while there is a more significant wall of liquidity in the $108 to $110 range. Breaking through this range would open the door for Solana to approach the $120 level, which analysts believe is the next major bullish trigger.
According to analyst Ucan, SOL found solid support above $97.70. He noted that as long as the token remained above this threshold, the bullish price structure would remain intact. The main breakthrough area is $120, but a range between $100 and $110 could shape the short-term trend of SOL.
Solana's rebound in August stalled around $110, and short-term clearing liquidity remained strong between $108 and $110. Cryptocurrency news tracking shows resistance at $106.25 and $112.50 after the token retreated from recent highs. If the daily closing price stabilizes above $110, it will strengthen the argument for moving towards $120; and if the support in the range of $97 to $100 is lost, the token may face another round of correction and fall to a low of $90.
Institutional factors and ETF momentum
Institutional demand continues to be an important source of support for Solana. The U.S. Solana Exchange-Traded Fund (ETF) launched at the beginning of September after a strong month in August, with highlights including 11 consecutive days of positive net inflows. However, this inflow has slowed down, indicating a possible shift in institutional momentum.
Previously, the total assets of the Solana ETF exceeded the US$1 billion mark, highlighting the growing interest of institutional investors. The recent slowdown in ETF inflows could be significant as early buying helped support SOL's rebound from summer lows. A return of strong funds could provide the necessary liquidity to test resistance levels between $108 and $110.
Micro Dictionary: Solana ETF-An exchange-traded fund that tracks the price of Solana cryptocurrency, allowing institutional and retail investors to gain exposure to SOL through traditional brokerage accounts.
On-chain insights: giant whales, addresses and liquidity
As SOL attempts to break through, large holders are also receiving attention. Data from the Solana Wealth List shows that multiple addresses hold millions of SOLs, with the largest tracking address recently holding approximately 5.18 million tokens, accounting for approximately 1% of the tracking supply. Further analysis revealed that many of these addresses are pledged accounts rather than major individual holders preparing to sell in large quantities.
While significant capital concentrations may seem likely to signal increased selling pressure on the chain, they usually represent pools of pledge rather than immediate market liquidity risk. Market observers suggest it is crucial to distinguish these structural positions from actual whale activity, as not all large wallets pose an imminent threat to market stability or large-scale token releases.
