Solana Falls Back to Test $115–$118 Support After Rejection at $125

Sustained US spot ETF buying is absorbing supply while high derivatives leverage raises the risk of a sharp short‑term swing.

Overview

After topping near $124–$125 on Sept. 27, SOL broke a rising short‑term trendline and retreated to test the $115–$118 support band.
The broken trendline around $120–$121 now acts as near‑term resistance, so reclaiming that area would be needed to restore the recent bullish structure.
US spot Solana ETFs have logged 11 consecutive weeks of inflows with $188.21 million entering in the week ending Sept. 27, steadily removing supply from the market.
On‑chain liquidity and derivatives exposure have risen as Solana TVL climbed toward $6.7 billion and open interest sits near $7.5 billion while Bitfinex long readings and flagged 20x leveraged positions concentrate liquidation risk.
A 500,000 SOL transfer to Binance on Sept. 26 produced little immediate price reaction but underscores how large whale moves and high leverage could trigger larger swings if $115–$118 fails and the $100–$105 band comes into play.