Solana Price Targets $120 as Schwab Adds SOL, ETF Inflows Rise

Solana (SOL) has gone up by 8% in the past 24 hours after breaking past the $100 psychological threshold.

Short liquidations spiked to $21 million, pushing SOL to the third spot in the leaderboard for this particular metric as a significant volume of stop orders likely sat above this key resistance.

News that Charles Schwab, one of the United States’ largest electronic brokerages with over $13 million in assets under custody, has added Solana to its portfolio of supported assets.

SOL comes to join Schwab’s platform alongside Avalanche (AVAX) and Chainlink (LINK) as traditional financial institutions continue to embrace digital assets.

“With this expansion, clients will have more choices to build a digital asset allocation alongside the investing and banking experience they know and trust at Schwab,” commented the firm’s head of digital assets, Joe Vietri, in a press release published recently.

Solana ETFs Book 7-Day Streak of Positive Net Inflows

Trading volumes have jumped by 66% in the past 24 hours for SOL, pushing the total amount traded to nearly 9% of the asset’s circulating market cap at $5.5 billion.

In addition, Solana’s vote to reduce token inflation has reached its quorum, with only 24 hours left to finish the voting. If the proposal is approved, the project will reduce token emissions by 18.9 million SOL (worth around $1.7 billion) over the next 6 years.

Solana-linked exchange-traded funds (ETFs) have now booked a 7-day streak of positive net inflows, with $104 million flowing to these vehicles during this period.

Investors’ sentiment toward cryptos shifted dramatically last week, after the U.S. Securities and Exchange Commission (SEC) proposed a set of new rules for the crypto industry in a move that seems to be aiming to put pressure on the U.S. Congress to pass the widely awaited Clarity Act.

Moreover, the U.S. Treasury Department announced that it will double the amount of bond buybacks it will execute in September, also putting pressure on the Federal Reserve to adopt a dovish stance to boost the economy.

The crypto market reacted positively to the news, and SOL managed to break through multiple key resistances, including the $78 and $90 hurdles, along with its 200-day exponential moving average (EMA).

Solana Eyes Rally to $120 Despite Overheated RSI

As a result of today’s jump, SOL is now the second best-performing token in the top 10 in the past 30 days with gains of 46%, only surpassed by Hyperliquid (HYPE).

Turning to the daily chart, Solana has finished the last 10 out of 11 sessions in positive territory — an impressive streak that confirms an ongoing short squeeze.

Trading volumes have been surpassing the 14-day moving average throughout that period and seem headed to do the same thing today.

We expect SOL to hit our $120 target shortly as a result of today’s news. However, a pullback is already due considering that the Relative Strength Index (RSI) is hovering near extreme overbought levels.

The $100 area should be the key support to watch moving forward if early buyers decide to take some profits off the table. A long position at that level could deliver an attractive 4x return if the stop price is set below the $95 area.