TLDR
- SOL pulled back from $125 and is now testing support near $118.
- A break below the rising trendline turned $120-$121 into resistance.
- Analyst Sweep expects a short pullback before a possible move toward $150.
- Solana’s stablecoin supply hit a record $17 billion, up over 5% in a week.
- Solana ETFs bought 2.32 million SOL over two weeks, worth about $278 million.
Solana (SOL) pulled back after failing to hold above $125. The price now trades near $118, testing an important support zone.
Buyers face a choice here. They can defend this level, or risk a deeper drop toward $100-$105.
Analyst Jesse Peralta tracked the move on a two-hour chart. He noted SOL broke below its rising trendline near $120-$121, turning that level into resistance going forward.
Looking out for a strong base above $100 levels for solana:So11111111111111111111111111111111111111112
I want to see that base so we can start challenging upside more strongly 👀
Base and target $150 > $200 pic.twitter.com/bNGufFU0XD
— Jesse Peralta (@jesseperalta) September 28, 2026
That trendline had supported SOL’s climb from around $96. Losing it points to weaker short-term momentum.
The $115-$118 zone is now the first line of defense. Holding here could let SOL build a new base before another push higher.
Analysts Eye a Pullback Before $150
Solana is nearing a wide high-volume trading zone between $120 and $200. This band has seen heavy past activity, making it a tough resistance area to clear.
Analyst Sweep expects a short pullback early this week. He pointed to a possible drop toward $100-$105 before SOL attempts another run at $150.
Sweep also flagged a jump in SOL long positions on Bitfinex, which rose sharply to about 84,398. He said the increase points to traders positioning for a rebound.
The chart doesn’t separate retail from larger traders. Still, it shows more market participants betting on a recovery.
Stablecoin Supply and ETF Demand Hold Steady
Solana’s stablecoin supply has grown past $17 billion, a new high. That’s up more than 5% in a single week, adding over $800 million in fresh liquidity.
Global money supply also hit a record $103.66 trillion in August. The Fed, ECB, Bank of Japan and PBOC added roughly $1 trillion combined that month.
Solana ETFs bought 2.32 million SOL, worth close to $278 million, over the past two weeks. Total ETF holdings now sit at $2.283 billion.
Solana also leads the altcoin spot ETF market. Data shared by Jesse Peralta shows SOL holds 46% of trading volume, ahead of Zcash at 27%, XRP at 12% and Hyperliquid at 11%.
Investor Gordon Gekko commented on the buying trend. He wrote that the plan was to stack SOL under $80, and now the target has shifted to accumulating under $120, calling the next stage “the real move.”
The goal was to stack as much $SOL as possible under $80.
Now it's to accumulate under $120.
The next leg is the real move.
Do you understand? pic.twitter.com/im6CGvxBER
— Gordon 🐂 (@GordonGekko) September 28, 2026
A whale move also tested SOL’s resilience. Whale Alert flagged a transfer of 500,000 SOL to Binance on September 26, worth about $60.5 million, at an average cost near $121.
SOL barely reacted to the sale. It closed that day down just 0.3% and rose 0.4% the following day.
The main levels to watch now are $115-$118 for support and $120-$125 for resistance. A drop below $100 would open the door to $90-$80.
As of the latest data, SOL trades at $118.17, down 2.99% over the past 24 hours.
