SOL was trading around $116.95 on Sept. 29, down roughly 1.6% on the day after reaching almost $125 over the weekend. The latest Solana price data shows the token slipping for a second straight session as short-term momentum cools.
The pullback comes after a strong September recovery that lifted Solana from below $100 to above $120 in less than two weeks.
$120 Is Back in Focus
The immediate level to watch is $120.
SOL briefly pushed above that mark last week, but buyers have struggled to turn it into reliable support. The latest decline now puts the $116–$118 area in play, with $110 becoming the next important downside level if selling accelerates.
That is a much stronger position than the recent setup below $100, when traders were still debating whether SOL would fall toward $85 before recovering.
A clean reclaim of $120 would improve the structure again and put the recent high around $125 back in focus.
ETF Demand Is Getting Stronger
Institutional demand remains one of the clearest bullish catalysts.
Solana ETFs reportedly attracted a record $188 million in inflows last week, with Bitwise accounting for roughly $128 million of the total. That follows the earlier milestone when BSOL crossed $1 billion in assets under management.
That matters because the latest SOL rally has coincided with stronger institutional buying.
If those inflows continue while price holds above $110, the market could have enough demand to support another move through $120.
Network Growth Adds Another Bullish Signal
Solana’s underlying network picture also remains constructive.
Stablecoin balances on the network have reportedly reached a record $17 billion, while broader activity around tokenized assets continues to expand. That reinforces the same adoption trend behind Solana’s recent rally above $110.
Price, however, still needs confirmation.
