Solana Surges as Analyst Predicts $120 Target

Solana's price has been on an upward trajectory over the past month, gaining 12% and reaching around $77. This puts it second among top five market cap assets. Trading volumes have dropped slightly after four days of consecutive gains.

The Solana ETF has seen increased inflows in recent days, with $7.2 million flowing into SOL-linked funds this week. The Bitwise Solana Staking ETF (BSOL) led activity, recording $5.83 million on July 21. However, the next day saw outflows of $1.27 million.

The number of dormant wallets returning to Solana DEXs has surged 400% in a week, reaching 62,000 last week. Solana's stablecoin supply has also hit an all-time high of $17 billion, according to DeFi Llama. Application fees remain at two-year lows.

Crypto analyst Michaël van de Poppe believes SOL is 'just a matter of time' before accelerating towards $120. Van de Poppe points out that SOL is holding its range low at $75 and sees this as a key level of support.