Solana (SOL) booked a 2% gain in the past 7 days, as net inflows to exchange-traded funds (ETFs) linked to this altcoin reported a 40% jump in September.
The $120 level is currently the key resistance to watch for SOL, and trading volumes remain a bit high as the price continues to hover near this level.
At $2.3 billion, Solana’s volumes currently account for 3.2% of the asset’s circulating market cap.
Last month, investors poured $271 million into Solana-linked ETFs compared to $194 million in August. This implies that Wall Street is positioning for the continuation of the current rally, potentially eyeing the $150 area as the next stop.
Market Prepares for FOMC Minutes On Wednesday
On Wednesday, the market will be digesting the minutes from the Federal Open Market Committee (FOMC) in search of further clues regarding what officials could do in the next meetings.
Odds of a rate hike in October have now declined to 19%, following a lower-than-expected print in the PCE Price Index in the United States. Market participants seem to think that, if inflation is not accelerating, Fed officials will be inclined to postpone another rate hike.
This is positive for risky assets like Solana, as it eases investors’ concerns about the macroeconomic backdrop.
Solana Price Forecast
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See all Solana forecastsOn-Chain Data for Solana Supports the Continuation of Its Latest Rally
Meanwhile, turning to on-chain data, we continue to see a steady uptick in daily active addresses within the Solana network. Data from Santiment shows that the bullish crossover we got between the 30-day and 50-day moving averages for this metric has delivered our expected result.
However, we still expect a more explosive move ahead. Since the dominant trend is bullish, we see this rise in daily users as evidence of an upcoming climb to higher price thresholds.
Moreover, app fees within the Solana blockchain remain high, as usage of top protocols like Pump.fun has increased lately. Last week, these decentralized apps collected more than $100 million for the second time this year.
The last time we saw these levels was August 2025, back when SOL was on track to hit $200. Hence, from a fundamental standpoint, the token’s valuation should progressively improve as its ecosystem continues to draw attention from market participants.
SOL Could Rally to $150 If Bullish Momentum Gains Traction This Week
Finally, the charts show that SOL is hitting a key resistance at $120, from which we could see a strong retreat in the next few days.
The Relative Strength Index (RSI) keeps sitting in bullish territory at 64. If we break past $125, the baseline scenario would be that the rally will continue advancing toward the $150 area.
However, we still see the possibility of a strong pullback from this level if the buying pressure is not strong enough to overcome this sell wall. In that case, the $110 – $115 zone seems to be the most likely landing zone for the token in the near term.
