Can Solana break $120? Examining the battle between SOL ETF inflows and profit-taking

Finally, Solana [SOL] turned $110 into a strong launch pad and bounced to $119. 

As of this writing, Solana was trading around $116, up 4% on the daily charts. This is a level that the altcoin has not breached since January 2026.

Besides improved economics across the market, Solana’s upside momentum strengthened significantly, mostly driven by institutional demand.

Institutions throw their weight behind Solana

After the crypto market got another foothold to the upside, institutions’ appetite returned. AMBCrypto had earlier reported that the BSOL ETF started the institutional scramble for SOL, recording over $47 million in inflows on the 18th of September.

With BSOL taking the first leap of faith, others have since followed suit. As a result, most of SOL Spot ETFs recorded net inflows, with only three of the nine funds showing no movement.

As such, the altcoin’s Spot ETFs recorded $26 million in daily total net inflows, pushing assets to $1.74 billion. Over the past two sessions, the altcoin saw over $73 million in net inflows, reflecting a shift in sentiment among institutional investors.

Previously, when inflows reached these levels, SOL rose from $82 to $109, pointing to a direct correlation between strong price jumps and institutional demand.

Small-scale investors hold the market back

Unsurprisingly, small to medium investors took the market recovery as an opportunity to cash out. These investors have mostly endured a prolonged period of poor performance.

When Solana crossed the $100 mark again, profit taking surged. Over the past week, Spot netflow turned negative only once. 

The past three days have all seen higher exchange inflows. The net flow was particularly extreme on the 21st of September, climbing to $98 million – a peak last witnessed in November 2025. 

At press time, Netflow remained positive at $30 million, a clear sign of aggressive Spot taking. The sell pressure caused by these investors has resulted in the slowdown and retracement recently witnessed.

In essence, they are dragging Solana’s current trend.

Which way for SOL?

While SOL Spot ETFs have recorded net inflows for two consecutive sessions, they have only recorded a mere $73 million in net inflows. This demand remained relatively below the exchange deposits over the same period. 

 Despite this, the market structure is still leaning bullish. Notably, the Normalized RVGI indicator has been on an upward trajectory for six consecutive days.

Likewise, the Trend Pressure Prism shows bullish conviction with a score of 87. These factors suggest that the market is currently taking in the pressure well and has a chance for another upside move.

Therefore, a slowdown in profit-taking or higher inflows from ETFs could help Solana breach $120 ,and eye a move above $130, with $148 as a medium-term target.

Final Summary

• Solana Spot ETFs are recording net inflows again, seeing $73 million over two trading sessions, with six funds now seeing net flows. 
• SOL rose to an 8-month high of $119 then retraced to $116 as profit taking threatened another pullback.