- Solana has gained 33% from its August low, trading near the breakout point of a symmetrical triangle pattern on the 4-hour chart.
- SOL futures open interest surged to $12.9B while the positive funding rate points to growing confidence among derivatives traders.
- SOL Strategies’ upcoming Nasdaq listing and ETF proposals may drive institutional inflows and reduce circulating supply.
Solana’s native token SOL surged 33% since hitting its monthly low in August, registering an intraday high of $208.5 on September 8 before stabilizing at $207.7. The token’s monthly price increase now stands at 16 percent, reflecting growing bullish sentiment.
On the 4-hour chart, SOL has been consolidating in a symmetrical triangle pattern since late August. The price recently approached the upper boundary of this range at $208.8. If SOL manages a decisive move above this level, analysts project a potential price target of $237 based on the pattern’s height.
Momentum indicators support bullish outlook
Momentum indicators are aligning with the bullish scenario. The MACD line has crossed above its signal line, signaling upward momentum. Meanwhile, the Relative Strength Index currently trends at 56, indicating growing buying strength without reaching overbought levels. These indicators suggest the possibility of sustained upward movement if resistance is cleared.
Derivatives data supports the ongoing rally. SOL futures open interest has climbed from $9.5 billion to $12.9 billion in one month. In addition, the weighted funding rate has remained positive since August 7, highlighting bullish bias among traders. The consistent growth in derivatives suggests increased participation and confidence in Solana’s near-term performance.
NFT activity rebounds as ecosystem sees rising demand
NFT trading on Solana has witnessed a noticeable recovery. Over the past 24 hours, NFT sales volume rose by 47 percent. This increase in market activity was accompanied by a jump in the number of active buyers, pointing to renewed retail engagement within Solana’s ecosystem.
Further supporting market optimism, SOL Strategies, one of the largest institutional holders of SOL with over $87 million in assets, is set to transition from OTC trading to the Nasdaq. This listing could enhance access to capital and visibility, potentially tightening SOL’s available supply. The firm also plans to raise up to $500 million to grow its SOL reserves.
Several Solana-based exchange-traded fund (ETF) proposals are currently under review by the U.S. Securities and Exchange Commission. Approval of these ETFs would increase institutional accessibility to SOL and likely attract fresh capital inflows.
