Solana’s SOL rallied above $239 on Friday, extending its sharp September features, as Galaxy Digital CEO Mike Novogratz described the blockchain as “tailored” for international monetary markets and analyst Ali Martinez charted a possible path to $1,314.
Martinez, a widely known crypto analyst, highlighted Solana’s breakout from what chart technicians name a cup-and-handle sample, a formation that usually alerts the beginning of a long-term rally.
In his chart, Martinez marked $1,314.41 as the principle technical goal, utilizing Fibonacci retracement ranges to venture Solana’s upside. The sample displays a multi-year basing construction: Solana’s deep decline in 2022 and 2023 fashioned the “cup,” whereas the sideways consolidation of 2024 and early 2025 fashioned the “deal with.”
In accordance with Martinez, the breakout above resistance close to $220 validates the construction and opens the way in which to a lot increased ranges if momentum persists.
Novogratz, talking on CNBC’s “Squawk Field” Thursday, laid out a sweeping bull case for Solana and crypto extra broadly. He started by pointing to treasury firms tied to each ETH and SOL, which he mentioned are elevating billions of {dollars} and bringing “numerous vitality and cash” into the digital asset ecosystem.
He then pivoted to bitcoin, predicting the world’s largest cryptocurrency ought to see a surge towards the tip of the yr.
However his most detailed remarks centered on Solana and the altering regulatory panorama. Novogratz mentioned U.S. SEC Chair Paul Atkins has made clear that he needs all markets to maneuver on-chain, citing a speech earlier within the week the place Atkins declared, “On-chain capital markets and agentic finance are on the horizon, and the world is watching.”
As a part of that backdrop, Novogratz flagged Nasdaq’s proposal to the SEC to permit tokenized securities to be traded immediately on the Nasdaq Inventory Market. Mixed with the brand new U.S. stablecoin framework, he argued, crypto lastly has each the expertise and the regulatory readability to function monetary market infrastructure.
On the expertise facet, Novogratz emphasised Solana’s uncooked capability, saying the blockchain can deal with 14 billion transactions per day — sufficient, in his phrases, “to course of all of the transactions in equities, fastened earnings, commodities and overseas trade mixed.” He went on to name Solana a blockchain that’s “tailored” for monetary markets.
Including it up — scalable infrastructure, a pro-blockchain regulatory stance and billions in new institutional inflows — Novogratz concluded that “that is the season of SOL,” a second when Solana is positioned to take a number one position as capital markets shift on-chain.
Technical Evaluation Highlights (Sept. 11 15:00 – Sept. 12 14:00 UTC)
- In accordance with CoinDesk Analysis’s technical evaluation knowledge mannequin, SOL gained about 6% within the 24-hour interval, climbing from $227.14 to $240.02, with buying and selling volumes reaching 3.66 million contracts.
- The token broke above eight months of resistance at $220, hitting $240 for the primary time since January as institutional patrons added publicity.
- The strongest rally occurred within the ultimate hour of buying and selling (13:14–14:13 UTC on Sept. 12), when SOL superior one other 1% from $239.92 to $241.17.
- Essentially the most dramatic breakout got here simply after midnight UTC on Sept. 12, when quantity surged to three.66 million contracts — practically triple the 24-hour common of 1.46 million.
- Assist was established round $225.50 throughout early consolidation, whereas resistance emerged at $240.08, the place a number of rallies initially stalled.
- Heavy buying and selling quantity at $228.78 (3.66 million contracts) confirmed that stage as a key assist zone.
- The busiest buying and selling window was 14:09–14:11 UTC, with 214,368 contracts altering fingers — practically six occasions the everyday hourly common.
- A contemporary assist stage has now fashioned close to $241.17, suggesting patrons are keen to defend increased costs even after the breakout.
Disclaimer: Elements of this text have been generated with the help from AI instruments and reviewed by our editorial crew to make sure accuracy and adherence to our requirements. For extra info, see CoinDesk’s full AI Coverage.
