Solana Tests $118 Support After Rejection Near $125

Overview

• SOL fell after a rejection near $124–$125 and is trading around $118, leaving the $115–$118 band as the immediate support that traders are watching this week.
• The coin broke a rising short-term trendline near $120–$121, which now acts as near-term resistance and raises the chance of a deeper pullback toward $100–$105 if $115–$118 fails.
• Spot Solana ETFs have been large buyers, reported to have bought about 2.32 million SOL over two weeks and to account for roughly 46% of altcoin ETF trading volume, which provides steady demand pressure.
• On-chain liquidity has risen, with stablecoin supply on Solana hitting about $17 billion, and a 500,000 SOL transfer to Binance on Sept. 26 was flagged but produced little immediate price reaction.
• Derivatives positioning shows concentrated long exposure—Bitfinex long measures jumped to roughly 84,398—creating the potential for amplified moves that could push SOL up toward $150 if buyers reclaim $120–$125 or deepen losses toward $90–$80 if key supports break.