Solana (SOL) extended its rally on Sept. 8, reaching an immediate high of $208.8 before settling near $207.4, according to the HodlFM price page. That places the token about 33% higher than its August low and almost double its lowest 2024 level.
Derivatives data highlights leverage demand
On‑chain and exchange analytics show derivatives activity trending higher. According to Coinglass, SOL futures open interest stood at around $13 billion as of Sept. 8, up from $9.5 billion a month ago.
Funding rates have remained positive since Aug. 7, a signal that traders are paying to keep long positions open. Analysts say this indicates persistent bullish sentiment on near‑term moves.
Technical indicators point to breakout zone
The Solana chart shows SOL consolidating in a symmetrical triangle pattern since late August, marked by narrowing highs and lows. The upper boundary lies at $208.8, with SOL currently testing just below.
Momentum indicators reinforce the short‑term bullish setup:
- The MACD line has climbed above its signal line.
- The Relative Strength Index (RSI) has risen to 56, suggesting more room before overbought territory.
A confirmed break above $208.8 could unlock a move toward $237, based on the height of the consolidation zone. Conversely, a dip below the lower trendline would flip the setup into a bearish breakdown.
Institutional catalyst from Nasdaq uplisting
Market observers are also watching an uplisting of SOL Strategies, an institutional holder shifting from OTC markets to Nasdaq, as reported in corporate filings.
- SOL Strategies currently holds more than $87 million in SOL, according to disclosures.
- The firm said it plans to raise up to $500 million to expand reserves once listed.
- A Nasdaq debut could improve visibility and fundraising access, indirectly supporting Solana’s liquidity profile.
Regulatory and NFT tailwinds
Several Solana‑based ETF filings remain under review at the U.S. SEC. Approval could provide institutions with a regulated entry point into Solana, potentially driving inflows similar to recent Bitcoin ETF adoption.
Meanwhile, Solana’s NFT activity has rebounded. Cryptoslam reported volumes at $578 million in August, up 9% month‑on‑month, with Solana’s own NFT sales up 47% in the last 24 hours and active buyers increasing. While overall NFT trades fell by about 4% in August, the higher ticket size per transaction underscores renewed buyer intensity.
Tanya Petrusenko
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