Solana (CRYPTO:SOL) is trading at $116, up 20% this month to become the top performer among major cryptocurrencies. The asset gained 6.6% in the past 24 hours, outpacing Bitcoin's 5.3%, Ethereum's 5.4%, and XRP's 6.4% increases.
This outperformance follows a broader market move where Bitcoin's push toward $85,000 triggered a short squeeze. According to CoinGlass, exchanges liquidated $262 million in short positions within one hour as the Bitcoin price crossed $84,000. Solana benefits from this dynamic due to its smaller market size, which allows modest buying pressure to generate larger price changes compared to Bitcoin. However, this volatility cuts both ways; Solana previously dipped below $97 on September 15 while Bitcoin remained more stable.
Regulatory developments also support the rally. On September 17, the SEC granted a five-year exemption for venues trading tokenized stocks. Solana hosts $465 million in tokenized equities, a total greater than any other chain, positioning it as a direct beneficiary of this Innovation Exemption.
Recent technical upgrades have further strengthened the network's capabilities. Transaction V1 raised the transaction size limit by 3.3 times, while SIMD-0525 reduced block production time from 300 milliseconds to 250 milliseconds. Additionally, Solana plans to activate Alpenglow on September 28, a system rewrite designed to improve transaction finality from 12.8 seconds to approximately 150 milliseconds. Anticipation for these changes has coincided with inflows into Solana ETFs for 12 consecutive weeks.
| Metric | Value |
|---|---|
| Current Price | $116 |
| Monthly Gain | 20% |
| 24-Hour Gain | 6.6% |
| Tokenized Equities | $465 million |
Traders are watching $119 as immediate resistance, a level just 3% above the current price. A daily close above this threshold could open the path to $123 and subsequently $132. Conversely, failure to break through may result in a pullback to test support levels at $110, $105, $100, and $94.
Despite the recent strength, Solana remains about 61% below its all-time high of $293 set in January 2025. Recent closes show a stable base above $110, with prices closing at $113 on September 18 and 19, and $111 on September 20. The push above $115 reflects sustained buying rather than a single spike.
The next major test for the asset will be the successful launch of Alpenglow on September 28. A strong close above current resistance could trigger further upward movement, while setbacks may lead to a reassessment of lower support levels.