Why Is Solana Rising Today? It’s Leading the Major Cryptos This Month with a 20% Rally to $115
Solana is leaving Bitcoin and Ethereum behind this month, and three catalysts specific to SOL could push it even further before September ends.
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Solana (CRYPTO:SOL) is trading at $116 after rallying 20% this month—making it the top performer among major cryptocurrencies. Solana’s rise stems from its recovery from a drop to $97 on September 15 and the broader crypto market’s dynamics.
In the past 24 hours, the Solana price has gained 6.6%, outpacing Bitcoin’s 5.3%, Ethereum’s 5.4%, and XRP’s 6.4%. This outperformance can be attributed to a few key factors unique to Solana’s market position.
Bitcoin’s Run at $85,000 Squeezed Short Sellers and Lifted the Solana Price Most
Bitcoin’s recent push toward $85,000 forced a short squeeze, leading exchanges to liquidate $262 million of short positions in just one hour as the price crossed $84,000, according to CoinGlass. A short squeeze occurs when traders who bet against a coin face losses and are forced to buy it back, driving the price up further.
Solana tends to benefit more from these market movements than Bitcoin, as its market size is smaller. This means even small buying pressure can lead to larger price changes. This is why Solana gained 6.6% on a day when Bitcoin rose by only 5.3%.
However, this increased volatility works both ways. While Solana led the rally this month, it also fell significantly around September 15, when it dipped below $97, while Bitcoin remained relatively stable.
Solana Has Three Catalysts of Its Own That Bitcoin Does Not
- SEC’s Innovation Exemption: On September 17, the SEC granted a five-year exemption for venues trading tokenized stocks, which are shares represented as tokens on the blockchain. Solana is well positioned to benefit, with $465 million in tokenized equities already.
- Recent Upgrades: Two upgrades have recently gone live. The first, Transaction V1, raised the transaction size limit by 3.3 times, allowing for larger transactions. The second upgrade, called SIMD-0525, reduced block production time from 300 milliseconds to 250 milliseconds, speeding up the network.
- Upcoming Alpenglow Launch: Solana is set to introduce Alpenglow on September 28, a rewrite of the system that allows validators to agree on blocks. This aims to improve transaction finality from 12.8 seconds to about 150 milliseconds. As anticipation builds, Solana’s ETFs have seen inflows for 12 consecutive weeks.
$119 Is the Level and September 28 Is the Date
Currently, Solana’s immediate resistance is $119, just 3% above its current price. A daily close above this level could open the door to $123 and then $132. Conversely, key support levels are at $110, $105, $100, and $94. If it fails to break through $119, Solana may drop back to test $110.
Despite recent gains, Solana is still about 61% below its all-time high of $293, set in January 2025, meaning many investors who bought at that peak are still waiting to break even.
Recent closes show Solana has maintained a stable base above $110, closing at $113 on September 18 and 19, and $111 on September 20. The push above $115 reflects solid buying rather than a single spike.
Can the Solana Price Hold $115?
Solana’s gains today can be attributed to Bitcoin’s surge, the market’s inherent volatility, and positive catalysts such as regulatory exemptions and upgrades. The 6.6% daily increase is primarily due to the market squeeze, while the impressive 20% monthly gain is driven by longer-term factors.
Solana’s ability to hold above $115 hinges on whether it can break through $119 and successfully launch Alpenglow on September 28. A strong close above this resistance could trigger further upward movement, while any setbacks could lead to a reassessment of support levels.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
