Solana (SOL) Climbs to $119, Sets Year-to-Date High as Activity Picks Up

CoinDesk reports that Solana's SOL jumped to $119 on Sept. 21, up 8% on the day and marking its highest level since January as the broader crypto market rebounded. The move accelerated after SOL cleared the $112.50 area. The rally started around $110.69, and a break above $112.5 triggered stop-loss orders and short covering, adding fuel to the advance. SOL later eased back to roughly $116 after topping $119. Derivatives data shows a sharp rise in forced liquidations and trading activity. Over the past 24 hours, liquidations tied to SOL positions exceeded $33.7 million. Short liquidations were about $30.42 million, close to 90% of the total. Futures participation also strengthened: SOL futures trading volume surged 89% to $13.33 billion, while open interest rose 9.1% to $7.28 billion, a combination typically read as capital returning to the contract market. Institutional demand remains a supportive backdrop. The report said the Solana ETF has posted net inflows for 12 straight weeks, with cumulative inflows topping $1.4 billion, a data point many traders cite as underpinning the recent improvement in sentiment. On the technical side, veteran trader Peter Brandt said SOL's weekly chart may be forming a five-year cup-and-handle pattern. In that framework, attention centers on the $240 area; a sustained break above that level would strengthen the pattern. From around $116, a move to $240 would imply roughly 106% upside. Near-term, the sharp rally has increased volatility and may prompt some profit-taking. The $80–$85 zone is still viewed as a key support area; a breakdown there could weaken the bullish weekly setup. The report added that the ADX is nearing 20, suggesting trend strength remains limited, while a falling ATR points to volatility contraction and continued price compression. The next leg higher may depend on SOL's ability to hold above key resistance levels.