Solana Slips Below $119 as Investors Weigh Rally Sustainment

Solana's recent price surge has cooled down slightly, but investors are still weighing in on whether institutional inflows and growing network activity can sustain its rally. The token has slipped below $119 after a strong two-week gain of over 22%, with its current price at $118.36.

The modest pullback has not erased the token's recent gains, but it does offer a moment for investors to reassess their positions. Recent data shows that Solana has reported record levels of stablecoin supply and real-world assets (RWAs), which could be seen as supporting the bullish case for SOL.

In fact, spot exchange-traded fund (ETF) flows have pointed to continued demand for Solana, with a combined $188.22 million entering the funds last week, their second-highest weekly inflow since launch. This streak of positive flows has extended to 13 consecutive weeks, dating back to early June.

The first upside level to watch for SOL is near $124, where it currently tests resistance. A daily close above this barrier would give buyers a clearer sign that the token's advance can resume, but if the pullback continues, support lies at the 50-day exponential moving average (EMA) of $101.81.