Solana (SOL) rebounded from $110 to $119, hitting an eight-month high before settling near $116, up 4% on the daily charts. Institutional demand drove the rally, with spot ETFs recording $73 million in net inflows over two sessions. However, profit-taking by small-to-medium investors created sell pressure, pushing exchange netflow to $30 million. Technical indicators, including the Normalized RVGI and Trend Pressure Prism, remain bullish, suggesting potential for further upside if selling subsides or ETF inflows increase.
Solana turned the $110 support into a launch pad and bounced to $119. As of this writing, it traded around $116, up 4% on the daily charts — a level not breached since January 2026.
Institutional demand strengthened the upside momentum significantly. Earlier reporting indicated that the BSOL ETF started the institutional scramble for SOL, recording over $47 million in inflows on September 18.
With BSOL taking the first step, other funds followed suit. Most SOL spot ETFs recorded net inflows, with only three of the nine funds showing no movement.
As a result, the altcoin’s spot ETFs recorded $26 million in daily total net inflows, pushing assets to $1.74 billion. Over the past two sessions, net inflows reached $73 million, reflecting a shift in sentiment among institutional investors.
Previously, when inflows reached these levels, SOL rose from $82 to $109. Data from SoSoValue showed a direct correlation between strong price jumps and institutional demand.
Small-to-medium investors took the market recovery as an opportunity to cash out. After Solana crossed the $100 mark, profit taking surged, with spot netflow turning negative only once over the past week.
The past three days all saw higher exchange inflows. The net flow was particularly extreme on September 21, 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 selling. The sell pressure caused by these investors has resulted in the slowdown and retracement witnessed recently.
While SOL spot ETFs recorded net inflows for two consecutive sessions, they only reached $73 million. This demand remained relatively below the exchange deposits over the same period.
Despite this, the market structure remains bullish. The Normalized RVGI indicator has been on an upward trajectory for six consecutive days, according to TradingView data.
The Trend Pressure Prism shows bullish conviction with a score of 87. These factors suggest that the market is currently absorbing the pressure well and has a chance for another upside move.
A slowdown in profit-taking or higher inflows from ETFs could help Solana breach $120. The medium-term target is $148.
