Solana’s native token SOL climbed above $120 on September 25 for the first time since late January, reaching an intraday high of $122.33 before pulling back to around $119.32 on Binance, still up roughly 2.8% over 24 hours. The move extends a multi-month recovery from a June 2026 low near $60.39, meaning SOL has more than doubled from that bottom. According to CoinGecko data, SOL gained 3.56% over 24 hours and 7.61% over the past week, while Bitcoin traded near $83,800, Ethereum around $2,687 and XRP near $1.57.
Network activity has expanded alongside the price rise. Solana’s stablecoin market cap reached a record $17.39 billion, and real-world assets on the chain have grown beyond $4.5 billion. Analysts note the gradual climb from about $97 in mid-September to above $112 by September 18 followed a 41.5% gain in August. The Kobeissi Letter said Solana’s move above $120 showed the crypto rally continues to broaden out.
Institutional appetite also strengthened. U.S. spot Solana ETFs took in $32.81 million in net inflows on September 24, with Bitwise’s Solana Staking ETF contributing $27.97 million and Fidelity’s FSOL adding $4.84 million. Combined ETF assets reached about $1.81 billion, while total historical inflows stand at $1.52 billion. In futures markets, open interest rose to $7.49 billion, up about 14% from roughly $6.57 billion in early September. Trading volume reached $11.76 billion over 24 hours, with about $21.43 million in liquidations. Technical indicators remain bullish: the RSI sits at 61 and the MACD is near positive 1.34. Traders are watching $122 to $123 as near-term resistance, with $130 as the next target. Some analysts, including Master of Crypto, set longer-term targets as high as $500.
On the network side, Solana’s Alpenglow upgrade went live on both public test networks this week. Anza announced the devnet transition on September 25, one day after the testnet completed its switch. The upgrade aims to reduce transaction finality to about 150 milliseconds, compared with roughly 12.8 seconds under the current system. The Solana Foundation’s upgrade page now lists Alpenglow as active on both networks, with developers testing applications and validator performance before any mainnet deployment.
