Solana price reached $112.28, climbing 10.75% to hit its highest level in seven months as demand for alternative cryptocurrencies strengthened. The move came as the overall crypto market rose 5.06% to $2.76 trillion.
Bitcoin broke above $80,000, gaining 5.43%, while Ethereum regained $2,500. XRP rose 7%, reflecting broader capital rotation toward altcoins.
Regulatory Context and On-Chain Activity
The price surge occurred following regulatory developments, with the CFTC sending new crypto market rules to the White House for review. This occurred days after the CLARITY Act was blocked in the Senate.
On-chain data shows over 40 million SOL changed hands around the $100 level. Liquidation data indicated $103 million in shorts and 1.4 billion in longs were cleared, reflecting high volatility in Solana markets.
ETF Inflows and Derivatives Growth
Solana exchange-traded funds held $1.42 billion in assets as of September 17. Bitwise's BSOL led with $974.52 million in assets and $1.04 billion in accumulated inflows.
Derivatives activity accelerated significantly, with trading volume increasing 71.64% to $12.17 billion. Open interest grew 18.44% to $7.01 billion as traders added positions. Options volume jumped 120.50%, with options open interest increasing 6.96% to $178.52 million.
Technical Levels
SOL was trading near $112.90 with elevated volume on the 4-hour chart. The RSI indicator stood at 83, signaling overbought conditions. The MACD remained positive with the histogram widening above the signal line.
Key technical levels include $115 as the next resistance zone, with $110 serving as support. Should SOL fall below $110, support may emerge around $107 before the $100 level becomes relevant again.
