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Solana (SOL) may catch investors’ eyes very soon. The spot Solana ETF saw its largest daily inflows in three months on August 10.
SOL price showed relative strength on charts, with analysts predicting a rally to $120. A growing investor sentiment could soon lead to greater inflows moving ahead.
Solana ETF Inflows Hit 3-Month High
Amid the accelerating network activity, spot Solana ETFs in the US recorded $8.8 million in daily net inflows. It marks the strongest capital flows to Solana investment products since May 12, as per data from Santiment.
The inflow comes after several months of relatively limited ETF activity. Santiment noted that Solana’s ecosystem has continued to expand despite SOL’s price remaining largely stagnant, around $75.
On the other hand, the Solana blockchain network is also hitting new milestones across real-world assets (RWA), tokenized equity volume, stablecoin supply, and perpetual futures activity. Such developments have helped maintain investor interest in the Solana ecosystem.
Infrastructure upgrades have also strengthened the network’s outlook. Alpenglow is targeting approximately 150-millisecond finality. At the same time, Agave 4.2 is moving toward mainnet adoption in August, noted Santiment.
SOL Price Holds Potential to $120
Crypto market analyst Michael van de Poppe stated that Solana (SOL) price is holding a key support level. He suggested that the SOL cryptocurrency has formed a higher low formation on the chart. Thus, he sees the next step for the SOL price at $120.
According to Van de Poppe, SOL has gained approximately 5% since testing the support zone. This confirms the higher-low structure. He said that following a deep correction in the SOL vs BTC chart, the upside has resumed once again.
The analyst expects this setup to support further upside. With this, $100 to $120 emerged as potential targets in the near term. He added that SOL’s recent recovery against Bitcoin could signal stronger momentum ahead.
Solana Gets Whale Attention
Crypto analyst Ted Pillows reported that a whale has opened a $38.42 million long position in Solana (SOL) using 20x leverage. According to Pillows, the position has a liquidation price of $61.09.
On the other hand, the Solana blockchain network’s fundamentals continue to improve. Over the past week, the Solana network has processed 1 billion transactions, for the second time in a row.
The latest milestone also represents a new all-time high in weekly transaction activity. It also highlights the continued growth in network usage. The sustained increase in transaction volume signals strong activity across the Solana ecosystem.
