Solana Price Targets $120 as Schwab Adds SOL, ETF Inflows Rise

Solana's price has surged 8% in the past day, breaching the significant $100 resistance level. Short liquidations surged to $21 million, with SOL ranking third in stop order volume, as short sellers likely had positions above this key barrier. Charles Schwab, a major U.S. brokerage with over $13 billion in assets under custody, added Solana to its supported assets portfolio.

This move joins Avalanche (AVAX) and Chainlink (LINK) on the platform, as traditional financial institutions increasingly embrace digital assets. Joe Vietri, Schwab's head of digital assets, stated that this expansion provides clients with more options to build digital asset allocations alongside their existing banking and investing experiences.

Trading volumes have surged by 66% in 24 hours, accounting for nearly 9% of SOL's circulating market cap of $5.5 billion. Solana's decision to reduce token inflation has reached its quorum, with only 24 hours left to finalize voting. If approved, this will cut emissions by 18.9 million SOL (equivalent to $1.7 billion) over the next six years.

Solana-linked ETFs have experienced a seven-day streak of positive net inflows, with $104 million flowing into these funds. The U.S. Securities and Exchange Commission's proposed rules for the crypto industry, along with the U.S. Treasury's plan to double bond buybacks in September, may pressure the Federal Reserve into adopting a more dovish stance to support the economy.

SOL has broken through multiple key resistances, including $78, $90, and its 200-day EMA, marking it as the second-best-performing token among the top 10 over the past 30 days, with gains of 46%.