Solana price surges to $117.23 on September 21. Bitcoin moved above $86,000 for the first time since January.
Therefore, SOL rose 7.37% in 24 hours to $116.68. Meanwhile, the wider crypto market rose 4.82% to $2.88 trillion. Ether traded above $2,700. XRP gained 10% and neared $1.47.
Solana price surges toward $120 as momentum strengthens
Solana reached its highest level since January. The rally liquidated over $30 million in SOL short positions. In addition, Bitcoin extended its rebound from a two-month low by 50%.
Overall, the market liquidated $919 million in leveraged crypto holdings. Short liquidations reached $149 million in less than 4 hours. XRP and Ethereum rose 8% and 6% respectively.
SOL surged to $118 after gaining 10% in four hours. It began the day at $116.80. It then reached $119.15. The token also recovered from weekend support near $108.
The RSI average is 65.58 and moving upward. The Chaikin Money Flow stands at 0.30. That is above the neutral level. The indicator has been high as SOL rose above $110. This supports the bullish structure.
These inflows may push the token beyond $120. For the next bullish phase, SOL needs a 4-hour close above $120. Upside targets sit at $125 and $130. Support sits at $114 and $110.
Solana tops $116 as short liquidations exceed $18 million
Solana price rose to its highest point of the year. The broader crypto market expanded its recovery. Bitcoin also soared above $86,000. Consequently, its rebound from the two-month low reached 50%.
Ethereum and XRP also gained. Optimism accelerated across key digital assets. As a result, Solana attracted strong demand.
Solana open interest climbs 10% as market participation grows
The Solana derivatives market saw significant activity. Trading volume grew 88.78% to $13.28 billion. Open interest increased 10% to $7.33 billion. This shows greater participation in SOL futures.
Options volume surged 111% to $37.08 million. That was the highest percentage change. Options open interest rose 4.81% to $197.22 million. Therefore, traders became more active short term. However, they kept larger exposure unchanged.
What comes next for Solana price?
Solana must hold above $114. It also needs to clear $120. A close above $120 could open $125 and $130. A failure could return price to $110. The market will watch Bitcoin and ETF flows. Overall, momentum favors bulls while support holds.