Solana (SOL) reached the $117 breakout target identified by crypto analyst Bitcoin Meraklisi, while another analyst, LAR7Crypto, is watching a potential move toward $120 after a possible short-term pullback.

Bitcoin Meraklisi said SOL’s breakout produced a 58% gain, followed by an additional 18% move during the retest. “The breakout added 58% in gains, with another 18% coming from the retest,” the analyst wrote in a post on X. He identified $141 and then $176 as the next levels to watch if $117 holds as support.

The move leaves traders focused on whether SOL can establish $117 as a support level. In technical analysis, a breakout followed by a retest is used to check whether a price that previously acted as resistance can hold as support once revisited. A sustained move above that price would preserve the setup described by the analyst, while a rejection could return the token to a consolidation range.

LAR7Crypto Tracks Separate $120 Target

LAR7Crypto has been following a separate SOL trade setup. The analyst said SOL reached his final target at $110.60 and that the position was fully closed. He also said he expected a short-term pullback before another attempt at $120.

“I expect a short-term pullback before another attempt at $120,” LAR7Crypto wrote. He added that the market’s response to any retracement would show whether the existing structure remains intact.

$SOL – Great Trade

The final target at 110.60$ has been reached, and the position is now fully closed!

Locally, I also expect a small pullback into the zone of interest, after which we will most likely continue moving higher toward 120$ pic.twitter.com/7QD3J8NbiN

— LAR (@LAR7Crypto) September 20, 2026

The two analysts are therefore tracking different price levels. Bitcoin Meraklisi’s outlook points to $117, followed by $141 and $176, while LAR7Crypto’s setup calls for a pullback zone before a possible move toward $120.

Derivatives Activity Increases

Data from Coinglass showed that SOL derivatives trading volume increased 73.61% to $12.95 billion. Open interest rose 8.17% to $7.2 billion.

Open interest tracks the total value of derivative contracts that have been opened but not yet closed, so a rise alongside volume indicates that more traders were holding larger positions rather than existing contracts changing hands. That positioning can contribute to larger price movements in either direction as SOL approaches resistance.

ETF Inflows and Treasury Purchases

US spot Solana ETFs recorded $47.62 million in net inflows on September 18, according to SolanaFloor. All of the inflows came through Bitwise’s BSOL fund. Spot ETFs hold the underlying asset directly, so net inflows reflect purchases of SOL by the fund on behalf of investors, a structure that followed the launches of US spot bitcoin and ether ETFs in 2024.

“Solana ETFs continue to see steady demand from investors,” SolanaFloor said in a post sharing the data. The firm has also tracked SOL’s decentralized exchange volume, which it said had led all Layer-1 and Layer-2 networks for 21 consecutive weeks.

Corporate treasury activity also increased. DeFi Dev Corp. said its SOL holdings grew 4.24% in one week after the company purchased 101,381 additional tokens.

“Our total treasury now sits at approximately 2.49 million SOL and SOL equivalents,” the company wrote in an update on X. The purchase adds to the presence of SOL in corporate treasury holdings, a structure separate from the ETF vehicles recording the inflows above.

The trading activity, ETF flows and treasury purchases do not independently guarantee a price movement. They do, however, represent activity across derivatives markets, exchange-traded funds and corporate holdings.

For now, $117 and $120 are the main levels cited by the two analysts, while $141 and $176 remain the next levels identified by Bitcoin Meraklisi if SOL holds above $117. The $47.62 million in ETF inflows reported for September 18 is the latest confirmed figure in the article related to institutional demand for SOL.