Solana (SOL) Surges Past $117 as Bears Lose $18M in Forced Liquidations

Key Highlights

• Solana reached $117.23 on September 21, marking its strongest level since January
• Short sellers lost more than $18M in forced liquidations within a single day
• Derivatives market activity exploded with an 88.78% surge to $13.28 billion
• Kyle Samani from Multicoin Capital forecasts SOL surpassing ETH’s market cap this cycle
• Critical resistance levels to watch: $120, $125, and $130

On September 21, 2026, Solana climbed to $117.23, marking its strongest performance since the beginning of the year. This upward movement coincided with Bitcoin breaking through the $86,000 barrier for the first time in 2026, creating a ripple effect throughout digital asset markets.

Solana (SOL) Price

Within a 24-hour window, SOL posted gains of 7.37%, marginally outperforming the cryptocurrency market’s overall 4.82% increase, which pushed total market capitalization to $2.88 trillion. Ethereum breached the $2,700 level while XRP recorded close to 10% gains during the same trading session.

This price surge resulted in massive forced closures of bearish positions. More than $18 million worth of SOL short contracts were liquidated in just 24 hours. The broader market witnessed liquidations totaling $900 million across leveraged positions, with $260 million in short positions closed within a single hour.

Market analyst Gerla offered an optimistic perspective on the price action, observing that SOL had undergone approximately seven days of accumulation followed by 230 days of market manipulation before entering what he characterized as the “major markup phase.” His analysis projects a $500 price target, with timing being the primary uncertainty.

Surge in Derivatives Market Activity

SOL opened trading at $116.80 before touching an intraday high of $119.15. The token had established support around $108 during weekend trading before initiating its upward trajectory.

Chart indicators signal bullish momentum. The Relative Strength Index registers 65.58 with an upward trajectory. The Chaikin Money Flow indicator shows a reading of 0.30, indicating buying pressure above neutral levels and suggesting sustained market demand.

Derivatives metrics confirm the underlying strength. Trading volume surged 88.78% to reach $13.28 billion. Open interest expanded by 10% to $7.33 billion. Options volume skyrocketed 111% to $37.08 million, signaling heightened participation from short-term speculators.

Market watchers are focusing on $120 as the crucial threshold. A confirmed four-hour candle close above this level would validate the continuation of bullish momentum, with subsequent targets at $125 and $130. Downside support is identified at $114 and $110.

Multicoin’s Samani Projects SOL-ETH Market Cap Reversal

The price rally coincides with growing discussion about Solana’s competitive positioning. In a recent interview, Multicoin Capital co-founder Kyle Samani projected that SOL will overtake Ethereum’s market capitalization during “this market cycle.”

Samani contended that Ethereum’s valuation is primarily supported by stablecoin usage and collateralized lending protocols. He characterized ETH as an asset with “questionable value accrual” and questioned the rationale for maintaining exposure at present price levels.

Currently, Solana’s market capitalization hovers around $58 billion, while Ethereum commands approximately $293 billion. For a market cap reversal to occur, SOL would need to appreciate roughly five-fold from current levels.

In terms of revenue generation, Solana has already surpassed Ethereum. During the past 30 days, Solana accumulated $23 million in protocol fees, securing the fourth position. Meanwhile, Ethereum generated $12.6 million, landing in sixth place, based on DefiLlama’s data.

As of September 21, SOL’s open interest totals $7.33 billion, with options open interest standing at $197.22 million.

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