Solana eyes $140 target as Bitwise adds $107 million in SOL

Bullish Technical Structure Emerges

Technical analyst Trader Tardigrade has drawn attention to a bull flag pattern developing on Solana’s daily chart. This pattern, considered a continuation signal, has formed after a decisive breakout from a symmetrical triangle that previously limited Solana’s upward movement.

Trader Tardigrade sees the bull flag as a precursor to further gains, placing a measured move target near $140 if the bullish scenario is confirmed. This optimistic setup comes after SOL recently surged to test resistance at $108.43 before retreating closer to key moving averages.

TradingView data shows SOL trading just above $99.25, hovering near the 20-day exponential moving average at $99.06. Technical indicators suggest that holding this zone would validate the current consolidation phase. Immediate resistance lies at the 20-day simple moving average of $101.97, with a successful break above this point potentially paving the way for a return to the $108.43 level.

Key support levels include the 50-period EMA at $91.09 and the lower Bollinger band at $95.50. Analysts view the $95.50 level as critical for maintaining the short-term bullish thesis. A loss of this support could accelerate downside momentum, while continued defense would preserve the prospect for a breakout.

If buyers reclaim resistance zones and the pattern holds, the bull flag formation would strengthen the case for a push toward the $140 mark—a level that has now become a focal point for traders watching Solana’s technical picture.

Institutional Demand Through Bitwise ETF

Institutional appetite is also playing an important role in the ongoing narrative. Blockchain intelligence firm Arkham reported that Bitwise added approximately $107 million in Solana over the past month, signaling robust demand from professional investors.

Bitwise’s BSOL ETF recorded $107.4 million in inflows during the last 20 trading days, with only two sessions seeing net outflows. This trend suggests that institutions may be capitalizing on consolidation phases in SOL’s price to increase their exposure, rather than reducing positions amid recent volatility.

Consistent ETF inflows provide a secondary source of demand, even when momentum in the spot market pauses. Coupled with this, data from Solana indicates that the value of tokenized stocks issued on its chain reached a new high at $684 million, an increase of 47% in just three weeks. This rapid growth in tokenized assets highlights Solana’s expanding presence in real-world asset markets.

Robust technical foundations, the entrance of institutional capital, and rising tokenized equity trading volumes combine to offer Solana several potential catalysts as market participants focus on price movements near $99 and above.

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As the technical picture continues to evolve, defending support nearby $99 and surpassing resistance just above could set the stage for further upside. The $108 level stands out as a near-term target, while the $140 mark remains in focus should bullish momentum continue.