SOL Eyes $120 as Analyst Predicts Major Breakout Ahead

• Solana ETF inflows and returning wallets signal growing investor confidence.

• Analysts target $120 if SOL breaks key resistance above $97.89.

• Bullish technical indicators support further upside despite macroeconomic uncertainty.

Solana — SOL, has quietly regained momentum after several difficult months. Strong price action, improving ETF demand, and rising network activity have placed SOL back on many investors’ watchlists. While broader crypto markets remain cautious, several on-chain signals suggest confidence continues returning. Analysts now believe another major move could develop if key resistance levels finally give way. The next few weeks may determine whether Solana extends recent gains or returns to consolidation.

The path of $SOL remains the same.

It's holding the range low and, to me, it's just a matter of time until this starts to accelerate towards $120. pic.twitter.com/hv6rVMtkxl

— Michaël van de Poppe (@CryptoMichNL) July 21, 2026

ETF Demand and Network Activity Support the Bullish Case

SOL has gained 12% during the past 30 days. That performance ranks among the strongest across the largest cryptocurrencies. SOL traded near $77 at publication, while daily trading volume reached about $1.61 billion. Trading activity has cooled slightly after four straight bullish sessions. Daily volume dropped from roughly $2.2 billion to around $1.7 billion.

That slowdown suggests traders are locking in profits rather than abandoning positions. Institutional interest has also improved during July. Solana exchange-traded funds attracted $7.2 million in fresh inflows this week. The Bitwise Solana Staking ETF led demand with $5.83 million entering the fund on July 21.

That marked the strongest single-day performance in two weeks. The following trading session brought modest outflows of $1.27 million. Even so, July has recorded almost $12 million in net inflows. June finished with a net outflow of only $786,000. Activity still trails May, when Solana ETFs attracted $115 million while SOL traded near $80.

Analyst Targets $120 After Technical Signals Improve

Crypto analyst Michaël van de Poppe believes Solana continues holding a strong support area near $75. According to his market outlook, another rally toward $120 appears increasingly likely. Strong support often creates a foundation for larger upward moves when buying pressure increases. Technical indicators also support a more optimistic outlook.

A bullish moving average crossover recently appeared after the faster average moved above the slower one. Relative Strength Index readings also remain above neutral, signaling healthy buying momentum. Several resistance levels still stand ahead. A breakout above $78 could open the path toward the $90 to $95 region. That area aligns with the 200-day exponential moving average. A close above $97.89 would shift the broader technical structure into bullish territory.

Market conditions still deserve attention. The Crypto Fear and Greed Index stands at 39, close to Neutral. Many traders also expect another Federal Reserve rate hike before September. Higher interest rates could slow demand for risk assets. Even so, Solana and Hyperliquid ETFs now represent almost 80% of non-Bitcoin and non-Ethereum ETF trading volume. Assets under management for Solana ETFs also continue approaching the $1 billion milestone.