Solana price reached $117.23 on September 21, its highest level since January, as the broader cryptocurrency market expanded its recovery. The token gained 7.37% in 24 hours to $116.68, outpacing the wider crypto market's 4.82% rise to $2.88 trillion.
The rally coincided with a significant liquidation event. Over $18 million in Solana short positions were liquidated in 24 hours as SOL surged past $116. Across the broader market, $900 million in leveraged crypto holdings and $260 million in short positions were liquidated in less than an hour.
Bitcoin's advance above $86,000 led the recovery, representing a 50% rebound from its two-month low. Ethereum traded above $2,700, while XRP climbed close to $1.47, with the latter gaining 10% during the period.
Technical Indicators Show Continued Momentum
Solana's price action during the day showed strength, beginning at $116.80 and reaching $119.15, with the token finding support around $108 over the weekend. The relative strength index averaged 65.58 and moved in an upward direction. The Chaikin Money Flow indicator stood at 0.30, above the neutral level, suggesting bullish momentum.
Derivatives Market Shows Increased Activity
Trading activity in Solana's derivatives market expanded significantly. Futures volume surged 88.78% to $13.28 billion, while open interest increased 10% to $7.33 billion. Options volume jumped 111% to $37.08 million, marking the highest percentage change among reported measures. Options open interest rose 4.81% to $197.22 million.
