Solana's rally is gathering strength as SOL climbs back above a key on-chain price level, supported by growing whale accumulation, declining exchange holdings, and fresh inflows into spot ETFs.

At the time of writing, SOL is trading at $103.81, up 3.19% over the last 24 hours. Daily trading volume stands at approximately $7.29 billion, while market capitalization has reached about $61.04 billion.

Solana Faces a Major Test Above $103

The latest move puts the $100–$103 range at the center of Solana's near-term prospects. As reported on September 4 by crypto analyst Ali Martinez, $100 is one of the strongest support levels for SOL from both a technical and on-chain standpoint. He stated that holding this level could open the way toward $150.

SOLANA READY FOR A 50% RALLY Everything comes down to $100. It's $SOL strongest support from an on-chain and technical standpoint. Hold that level, and $150 becomes the next major target. pic.twitter.com/u3FyyxJXJG — Ali Charts (@alicharts) September 3, 2026

The Solana rally is closely tied to the UTXO Realized Price Distribution (URPD) indicator, which shows the price points at which large volumes of a cryptocurrency were traded. For Solana, 39 million SOL was last traded at roughly $103.25, making this level critical to the current recovery. URPD is a widely used on-chain tool because it highlights where supply last changed hands, and clusters of prior trading often act as support or resistance as the price revisits them.

Breaking out of a trading range with such heavy prior activity is significant because it means SOL has moved beyond the zone where many investors previously bought or traded their coins. With SOL now trading above $103, the focus shifts to whether the coin can turn $103 into support.

The path toward $150, however, will not be without obstacles. Recent market analysis shows resistance levels at $123 and $132, where large amounts of SOL were accumulated. Clearing these levels would give the Solana rally room to advance toward $150.

Whale Accumulation Supports the Rally

On-chain movements provide further supportive signals. The number of wallets holding more than 10,000 SOL has risen by 1.58% within a week, indicating that large holders are accumulating the token.

At the same time, the supply of SOL on centralized exchanges has fallen by 4.91%. Coins leaving exchanges may flow into private wallets, staking positions, or decentralized applications. Solana's network uses a proof-of-stake design in which staked SOL helps secure the chain and earn rewards, making staking one common destination for tokens withdrawn from exchanges. While lower exchange balances do not automatically translate into higher prices, they do affect available liquidity. The combination of larger wallet accumulation and reduced exchange supply strengthens the current setup for Solana.

The ETF flows referenced in the setup are a relatively new factor for Solana. Spot SOL ETFs in the United States began trading in 2025 following regulatory approval, giving traditional-market investors a way to gain exposure to SOL without holding the token directly, and their purchase and redemption activity has since become a tracked source of demand.

Technical Indicators Remain Bullish

Solana's technical indicators also point to improving momentum. The token's Relative Strength Index (RSI) currently sits at about 59.25, placing the asset in neutral-to-bullish territory and indicating it is not yet overbought. RSI measures the speed and magnitude of recent price moves on a 0–100 scale, with readings above 70 conventionally considered overbought and below 30 oversold. Meanwhile, the MACD histogram remains above zero at 5.56, a positive reading that signals upward momentum is stronger than downward momentum.

What Happens Next for Solana?

The first significant test for the Solana rally is whether SOL can hold above the $100–$103 zone. If the support holds, attention could shift to $123 and $132. A successful breakout above both resistance levels could push the price toward $150.

Whale accumulation and ETF purchases will also play an important role. SOL moving off exchanges would reduce available supply, while continued ETF buying would add pressure on the buy side.

Reaching $150, however, remains a possibility rather than a certainty. The crypto market moves quickly, and a loss of the $100 level would weaken the current positive structure.