Solana (SOL) Surges Past $120 as ETFs Record Historic Inflows and Alpenglow Upgrade Advances

Key Highlights

• SOL price maintains position above $120 mark for first time since January, gaining approximately 8% over the past week.
• Alpenglow network upgrade deployed to devnet on September 25, targeting 150ms finality times.
• U.S.-listed Solana ETFs recorded unprecedented $86.67M in single-day net inflows on September 25.
• Total stablecoin market capitalization on Solana reached record high of $17.394 billion.
• On-chain spot trading volume on Solana exceeded that of Coinbase, Bybit, and Kraken on September 24.

Solana has pushed beyond the $120 threshold this week, marking its first sustained presence at this level since the final days of January. The digital asset gained approximately 8% across a seven-day period, continuing a rebound trajectory that initiated near $75 during early August.

Solana (SOL) Price

As of September 26, SOL was changing hands at $121.19. This represents approximately 58% below the token’s January 2025 high of $294.

Market participants are now focusing on $130 as the subsequent resistance target. Technical analysis of the four-hour timeframe reveals SOL trending within an ascending channel formation, while the relative strength index registers 63.09.

This measurement indicates sustained momentum while remaining below overbought territory. The Chaikin Money Flow indicator recorded 0.09, suggesting constructive capital flow throughout the recent appreciation.

Alpenglow Upgrade Aims to Accelerate Transaction Speed

The Alpenglow upgrade for Solana’s network advanced to devnet status on September 25. Anza, the development organization spearheading this initiative, announced the progression one day following a testnet transition.

In a statement posted to X, Anza declared: “Alpenglow is officially running on devnet. The handoff completed at slot 504148999: Alpenglow genesis block formed and TowerBFT is retired. App developers: test your programs and integrations now during our observation period leading up to mainnet-beta migration.”

This technical upgrade seeks to reduce transaction finality duration from 12.8 seconds down to approximately 150 milliseconds. Finality represents the moment when a blockchain transaction becomes irreversible.

Accelerated finality times would enable trading platforms to process deposit confirmations more rapidly. The mainnet implementation remains pending, meaning end users have yet to experience these performance improvements.

Market analyst Crypto Patel highlighted an alternative price threshold deserving attention. In an X platform update, Patel observed that SOL had successfully regained the $120 level following an eight-month absence, but identified $150 as the critical trend-reversal point, suggesting that a weekly close above this mark could unlock price targets of $250, $500, and $1,000.

Patel further observed that failure to break through $150 resistance might trigger a retracement toward $75, which he characterized as a potential accumulation opportunity.

Institutional Demand and On-Chain Metrics

United States-based spot Solana exchange-traded funds documented $86.67 million in net capital inflows on September 25. This figure represents the largest single-session accumulation since these investment vehicles commenced trading.

Bitwise’s BSOL product attracted $55.73 million. Grayscale’s GSOL vehicle captured $18.47 million, while Morgan Stanley’s MSOL secured $5.96 million.

Cumulative weekly inflows totaled $181 million, establishing the second-largest weekly figure in the funds’ operational history. Combined net assets across all Solana ETF products reached $1.96 billion.

The aggregate market capitalization of stablecoins operating on Solana also achieved a milestone, touching $17.394 billion on September 25. This measurement exceeds the April 2024 figure by more than sixfold.

Daily active addresses on the Solana network surpassed 8 million, outpacing the collective total of all other monitored blockchain networks. On September 24, Solana’s on-chain spot trading volume registered $2.69 billion, surpassing the volumes of Coinbase, Bybit, and Kraken.

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