Key Highlights
- SOL reached $120.86 on September 25, marking its first breach of $120 since late January.
- The token has surged more than 100% from its June 2026 trough of approximately $60.39.
- Spot Solana ETFs in the United States recorded $32.81 million in net capital inflows, bringing cumulative assets to nearly $1.81 billion.
- Open interest in SOL futures expanded to $7.49 billion, representing a roughly 14% increase from early September levels.
- The Alpenglow protocol enhancement, designed to achieve 150-millisecond transaction finality, has been deployed across both public testing environments.
Solana registered a significant price milestone on September 25, pushing above the $120 mark to reach $120.86. This represents the first instance of SOL trading at this elevation since January 29 of this year.
The token posted a 3.56% gain across the 24-hour trading period. Looking at the weekly timeframe, SOL advanced 7.61%, based on figures from CoinGecko.
By comparison, other leading cryptocurrencies showed more modest movement during the same window. Bitcoin hovered around $83,800, Ethereum maintained levels near $2,687, and XRP remained close to $1.57. The aggregate cryptocurrency market capitalization stood at approximately $2.97 trillion, experiencing a marginal decline throughout the day.
Strong Recovery From Mid-Year Bottom
SOL bottomed out at $60.39 during June 2026. The current price of $120.86 signifies a gain exceeding 100% from that nadir.
This appreciation unfolded across multiple phases. The token advanced from roughly $97 during mid-September to surpass $112 by September 18. Throughout August, SOL delivered a 41.5% return, establishing momentum that carried into September’s rally.
Market commentator The Kobeissi Letter highlighted the development on X, noting that Solana crossed $120 for the first time since late January and has now climbed more than 100% from its yearly bottom, observing that “the crypto rally continues to broaden out.”
This methodical accumulation of gains, as opposed to a single parabolic spike, indicates that the former resistance level around $120 could potentially function as near-term price support.
Institutional Demand Through ETF Channels and Derivatives Expansion
Spot Solana exchange-traded funds in the United States absorbed $32.81 million in net inflows during the September 24 trading session, the latest available data point. Bitwise’s Solana Staking ETF (BSOL) captured $27.97 million of this flow, while Fidelity’s FSOL contributed an additional $4.84 million.
Total assets under management across these ETF products now approach $1.81 billion, according to SoSoValue tracking. Cumulative historical inflows into these investment vehicles have reached $1.52 billion.
In the derivatives market, Solana futures open interest climbed to $7.49 billion, up from approximately $6.57 billion at the beginning of September—a 14% expansion. Daily futures trading volume registered $11.76 billion over the past 24 hours, compared with $9.38 billion earlier in the month.
CoinGlass data shows approximately $21.43 million in liquidated positions during the same 24-hour window.
From a technical analysis perspective, the relative strength index currently registers at 61, while the MACD indicator shows a positive reading near 1.34. Both metrics suggest constructive short-term momentum. Market participants are monitoring the $122 to $123 zone as immediate resistance, with $130 representing the subsequent upside objective should that barrier yield.
Analyst Master of Crypto outlined a broader perspective on X, identifying approximately 703 days of accumulation followed by roughly 230 days of consolidation, stating that expansion is now underway with a longer-range target of $500.
Alpenglow Protocol Enhancement Deployed to Testing Infrastructure
In parallel developments, Solana’s Alpenglow protocol upgrade successfully launched on its second public testing network this week. The enhancement is engineered to reduce transaction finality to approximately 150 milliseconds, a substantial improvement from the current 12.8-second settlement time.
Anza, the organization responsible for Solana’s core infrastructure development, confirmed the devnet activation on September 25, following the testnet’s completion of its transition one day earlier. The Solana Foundation’s official upgrade tracker now confirms Alpenglow’s operational status across both testing environments.
The devnet serves as a sandbox where developers can experiment with applications using valueless tokens, whereas the testnet provides a stress-testing environment for network software and validator configurations before deployment to the production mainnet blockchain.
The post Solana (SOL) Surges Past $120 Milestone Driven by ETF Demand and Alpenglow Network Upgrade appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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