Solana price surged to $117.23 on September 21 as Bitcoin moved above $86,000 for the first time since January.
SOL increased by 7.37% in 24 hours to $116.68, compared to a stronger recovery in the wider market. The crypto market rose by 4.82% to $2.88 trillion in the session. Ether was above 2700, and XRP was close to $1.47, having increased by 10%.
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Solana Tops $116 as Short Liquidations Exceed $18 Million
Solana price rose to its highest point in the year since January, as crypto markets expanded their overall recovery.
Over the last 24 hours, the rally sold over 18 million SOL short positions.
$SOL LIQUIDATIONS: Over $18 million in short positions have been liquidated in the last 24 hours as $SOL surged past $116, reaching its highest level since January.
Bitcoin price further soared above $86,000, and increased its rebound since the two-month low by 50%.
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Overall, there was a 900 million liquidation of leveraged crypto holdings and a short liquidation of 260 million in less than an hour.
XRP and Ethereum were up by 8 and 6% respectively, as optimistic markets accelerated in key digital assets.
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Solana Price Surges Toward $120 as Momentum Strengthens
The SOL price surged to $118.00 after gaining 10% during the latest four-hour trading period.
Solana price began the day at $116.80 and then went to $119.15, indicating continued demand towards the higher level of the day. The token also recovered strongly after finding support around $108 during the weekend.
Source: SOL/USDT 4-hour chart: TradingView
The RSI average is 65.58 and is moving in an upward direction. Any further increases would be justified by staying above this average even when market conditions are high.
The Chaikin Money Flow indicator stood at 0.30, which is quite above the neutral level.
The indicator has been high as the Solana price has risen above the level of 110, and this is an indication of the existing bullish structure. These inflows may allow the token to climb beyond $120 and aim to achieve greater heights.
Solana long-range prediction needs to close above $120 in four hours to validate the next bullish phase. The nearest targets to the upside are at $125 and $130, and the support is at $114 and $110.
Solana Open Interest Climbs 11% as Market Participation Grows
Solana derivatives market saw a significant activity level as the volume of trade grew 88.78% to 13.28 billion. The open interest increased by 10% to $7.33 billion, which represents increased participation in the SOL-linked futures contracts.
The volume of options surged by 111% to $37.08 million, the highest percentage change of reported measures.
Source: Coinglass data
Options open interest increased by 4.81% to $197.22 million, exhibiting more restrained growth in the outstanding market positions. The combination of the figures indicates that traders became more active in the short term but kept their exposure unchanged in the larger derivatives market of Solana.