Solana's (SOL) price action is drawing attention around the $115 level, where roughly 26 million SOL previously changed hands, forming what one analyst describes as a key support zone as U.S. spot exchange-traded fund demand continues to build. Spot ETFs hold the underlying asset and trade on stock exchanges, giving investors Solana exposure through standard brokerage accounts without handling the tokens directly.

Solana analyst Ali Charts said SOL could target $160 if support near $115 holds and demand keeps rising. In his analysis posted on X, he pointed to the 26 million SOL previously traded around $115, alongside 10 consecutive weeks of net inflows into U.S. spot Solana ETFs, with more than $360 million entering the products over that periodn

ETF Inflows Strengthen Demand Around $115

According to Ali Charts, the $115 area carries added weight because 26 million SOL changed hands there, keeping the level relevant as ETF demand increases. The products have posted 10 straight weeks of net inflows totaling more than $360 million, making the weekly flow figures a key data point for tracking how much new demand these vehicles are absorbing.

Meanwhile, more than 3 million SOL left exchanges over the past month, reducing the amount of Solana readily available for sale. Exchange supply has continued to fall as ETF demand has risen.

Network Activity Remains Elevated

On-chain data referenced from Santiment shows Solana recorded 12.5 million new addresses on September 18, the highest level cited by the analyst. After that peak, the network continued creating roughly 11 million new addresses per day, a pace Ali Charts linked to the broader demand picture around SOL. New-address counts are a standard on-chain gauge of fresh wallet creation, often used to follow onboarding activity on a network.

Price, however, still faces resistance between $124 and $130. The analyst said a break above that range could open a path toward $160, as resistance thins at higher levels.

The chart also shows SOL recovering from a June low near $61.11. After falling from above $90 in May to around $61, the asset climbed back to approximately $120 by September 26. The recovery accelerated from roughly $76 in August before SOL broke above $100.

SOL Holds Above Major Moving Averages

Recent candles have kept the sequence of higher highs and higher lows intact, and volume has expanded, with a recent reading near $5.83 billion. The 50-day moving average sits around $114, above the 200-day average near $105 — a configuration chartists commonly describe as a medium-term bullish structure. SOL remains above both, making them key support references: the $114 area offers near-term support, while $105 represents deeper structural support.

A move above $120 to $123 would place SOL near the chart's upper boundary. A rejection around that zone, however, could send SOL back toward $114, with $105 as deeper support. For the analyst's $160 scenario to stay in play, the near-term checkpoints are whether the weekly ETF inflow streak continues and whether SOL can clear the $124–$130 resistance band.