Solana (SOL) has been steadily regaining momentum following a challenging stretch, with strengthening price action, growing exchange-traded fund (ETF) demand, and rising network activity drawing renewed attention from investors. While the broader cryptocurrency market remains cautious, multiple on-chain signals point to returning confidence, and analysts suggest a significant move could materialize if key resistance levels are breached.

Price Performance and Trading Volume

Over the past 30 days, SOL has gained 12%, ranking among the strongest performers among the largest cryptocurrencies. At publication, SOL was trading near $77, with daily trading volume at approximately $1.61 billion. Trading activity has moderated slightly following four consecutive bullish sessions, with daily volume declining from roughly $2.2 billion to around $1.7 billion — a slowdown that suggests traders are taking profits rather than exiting positions entirely.

ETF Inflows Reflect Building Institutional Interest

Institutional interest has picked up during July. Solana ETFs attracted $7.2 million in fresh inflows this week, with the Bitwise Solana Staking ETF leading demand on July 21, drawing $5.83 million into the fund — its strongest single-day performance in two weeks. The following session saw modest outflows of $1.27 million.

Despite that dip, July has recorded nearly $12 million in net inflows. June concluded with a comparatively small net outflow of $786,000. Activity remains below May's levels, when Solana ETFs pulled in $115 million while SOL traded near $80. Assets under management for Solana ETFs continue to approach the $1 billion milestone. Together with Hyperliquid ETFs, Solana products now account for nearly 80% of non-Bitcoin and non-Ethereum ETF trading volume — a notable footprint given that altcoin ETFs have historically trailed Bitcoin and Ethereum products in both availability and investor adoption.

Analyst Sees Path to $120

Crypto analyst Michaël van de Poppe notes that Solana continues to hold a strong support zone near $75. According to his market outlook, a rally toward $120 is increasingly plausible, as robust support can provide a foundation for larger upward moves once buying pressure builds. That target would represent roughly a 55% gain from SOL's current trading levels.

Technical indicators reinforce the more optimistic view. A bullish moving average crossover has emerged, with the faster average crossing above the slower one. Relative Strength Index (RSI) readings remain above neutral, indicating sustained buying momentum.

Several resistance levels remain in play. A breakout above $78 could open the way toward the $90–$95 region, which aligns with the 200-day exponential moving average. A decisive close above $97.89 would shift the broader technical structure into bullish territory.

Macro Factors Remain in Focus

Market conditions still warrant caution. The Crypto Fear and Greed Index sits at 39, near Neutral territory. Many traders also anticipate another Federal Reserve rate hike before September, which could weigh on demand for risk assets if borrowing costs move higher. Higher-rate environments have historically pressured speculative assets, including cryptocurrencies, as investors gravitate toward lower-risk yield-bearing alternatives.