Solana Nears $120 as US Spot ETFs Attract Record Inflows

Solana's price has risen towards $120 as US spot ETFs continue to attract investors, with $26.1 million in net inflows recorded on September 21. The token briefly approached $120 after recovering from below $100 last week and has gained 26.2% over the past 30 days.

The latest inflows extended a run that has lasted for 12 consecutive weeks, with Solana ETFs attracting roughly $1.44 billion in cumulative net inflows and holding approximately $1.74 billion in net assets as of September 21. Multiple public companies have also been accumulating SOL, including DeFi Development Corp., which disclosed on September 21 that it had accumulated approximately 101,381 SOL since September 14.

The token's rally has coincided with liquidations among leveraged traders positioned for a decline, with over $21 million in SOL short liquidations recorded over 24 hours as the token broke above recent resistance. Investors are also looking at developments within the Solana ecosystem, with ZetaChain holders voting on September 20 to move the project from its Cosmos-based Layer 1 to Solana.