In September, the price of Solana (SOL) rose by nearly 20% and is currently trading at $120, according to CoinGecko data. Analysts predict a potential further rise to $150 and beyond. However, some technical indicators suggest the possibility of a short-term correction. Analyst Ali Martinez noted strong institutional demand, highlighting that spot ETFs on SOL continue to accumulate coins. Since July 13, these products have accumulated about 4.37 million SOL, equivalent to approximately $450 million. This occurs amid 11 consecutive weeks of net inflows. According to him, SOL could reach $150.
Last week, spot ETFs were the second most successful, gathering nearly $190 million. Total inflows into these products reached a record high of $1.62 billion. A user on X named Gordon claims that "dips – are for buying," adding that the ideal trading strategy – is to accumulate SOL at $100 and sell above $500. User Scient expects sell-offs in early October and plans short positions around $120–121 with long positions around $110. However, the actions of a mysterious whale suggest a rather bullish situation. A user on X named Max Crypto reported that an anonymous market participant opened a long position of $20.2 million on SOL. The liquidation level is set at $98 unless the whale adds more collateral to prevent this situation. Interestingly, the investor has made four trades with a 100% success rate, earning $4.7 million. This has sparked speculation that they may have access to insider information unavailable to other market participants.
According to analysis, net flows on the exchange support Gordon's and Scient's forecasts of a short-term correction for SOL. Inflows have significantly exceeded outflows recently, indicating a shift of investors from self-custody to centralized platforms, which may increase immediate selling pressure. The relative strength index (RSI) for SOL has exceeded 70, indicating overbought conditions, which often precede downward movement. Conversely, a value below 30 is seen as a buying opportunity.
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