Solana’s SOL token has been on an impressive rally, climbing past $239 this past Friday, marking a continuation of its robust performance throughout September. The surge comes as Galaxy Digital CEO Mike Novogratz hailed Solana as “tailor-made” for global financial markets, while renowned crypto analyst Ali Martinez suggested that SOL could reach a target of $1,314.
A Bullish Outlook on Solana
Ali Martinez’s analysis centers on Solana’s breakout from a classic chart pattern known as the cup-and-handle. This formation, often indicative of a long-term bullish trend, traces Solana’s journey through a deep decline in 2022 and 2023, which formed the “cup,” followed by a period of consolidation throughout 2024 and early 2025, shaping the “handle.” According to Martinez, the breakout above the $220 resistance level confirms this setup, pointing towards a potential ascent to $1,314.
Using Fibonacci retracement levels to map Solana’s prospective upside, Martinez underscores the technical strength behind this rally. The significance of breaching the $220 level can’t be overstated, as it not only validates the structure but also suggests the possibility of higher price levels if the current momentum continues.
Novogratz’s Vision: Solana and Regulatory Shifts
Mike Novogratz contributed to the bullish sentiment on Solana with his recent remarks on CNBC’s “Squawk Box.” He highlighted the strategic importance of treasury companies linked to both Ethereum (ETH) and Solana (SOL), which are raising billions and infusing substantial energy and capital into the digital asset landscape.
Novogratz also touched upon the evolving regulatory environment, citing U.S. SEC Chair Paul Atkins’s comments on the shift towards on-chain capital markets. With Nasdaq proposing to the SEC the direct trading of tokenized securities on its platform, and the new U.S. stablecoin framework in place, Novogratz argues that crypto is now equipped with both the technological prowess and regulatory clarity needed to underpin financial market infrastructure.
In particular, Novogratz emphasized Solana’s technical capacity, noting its ability to process 14 billion transactions per day. Such scalability, he asserts, positions Solana as a blockchain well-suited for handling the complexities of equities, fixed income, commodities, and foreign exchange markets. In his words, Solana is “tailor-made” for financial markets, and this period marks “the season of SOL,” as the blockchain stands ready to assume a pivotal role in the shift of capital markets onto the blockchain.
Technical Analysis: SOL’s Recent Performance
CoinDesk Research’s technical analysis offers additional insight into SOL’s recent price movements. Over a recent 24-hour period, SOL appreciated by approximately 6%, rising from $227.14 to $240.02, with trading volumes hitting 3.66 million contracts. This marked the first time SOL surpassed $240 since January, as institutional investors continued to increase their holdings.
The most notable rally took place in the final hour of trading, where SOL gained an additional 1%, reaching $241.17. A significant breakout occurred just after midnight UTC on September 12, characterized by a surge in volume to 3.66 million contracts — nearly triple the 24-hour average of 1.46 million. Support was identified around $225.50 during early consolidation periods, while resistance was encountered at $240.08, where several rallies initially stalled.
A new support level has now been established near $241.17, suggesting that buyers are prepared to defend higher price points even after the recent breakout. The heaviest trading activity was recorded between 14:09–14:11 UTC, with 214,368 contracts changing hands — nearly six times the typical hourly average.
Navigating the Path Forward
As Solana continues its upward momentum, the convergence of technical strength, regulatory clarity, and institutional interest paints an optimistic picture for its future. While the path to $1,314 remains speculative, the confluence of factors supporting Solana’s rise suggests that the blockchain is well-positioned to capitalize on the growing shift towards on-chain financial systems.
Yet, it’s important for investors to remain cautious and consider potential risks associated with market volatility and regulatory changes. As the crypto space evolves, adaptability and informed decision-making will be key for navigating the dynamic landscape.
In summary, Solana’s recent rally underscores both the optimism surrounding its potential and the broader trend of cryptocurrencies gaining traction as integral components of the global financial infrastructure. With influential figures like Novogratz championing its cause and analysts like Martinez providing technical insights, Solana is poised to play a significant role in the future of decentralized finance.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
