Solana pushes to $118 amid $18 million in short liquidations

Solana's SOL token reached $117.23 on Sept. 21, the highest point since January, as Bitcoin moved back above $86,000 for the first time since January. SOL closed the 24-hour window at $116.68, up 7.37%, and briefly hit $118.00 on a 10% move inside a four-hour candle. Intraday trading ran from $116.80 at the open to $119.15 at the high.

The squeeze cleared leveraged positions across the market. CoinGlass reported more than $900 million in crypto positions liquidated in the last 24 hours, with $767 million on the short side. For SOL specifically, more than $30 million in short liquidations over 24 hours as the token crossed $116.

Bitcoin set the tone. BTC rose above $86,000 for the first time since January and is up 6%. XRP added roughly 7% to near $1.50. Ether held above $2,700. The wider crypto market gained 5.8% to $3 trillion.

Solana derivatives activity accelerated faster than spot

SOL derivatives trading volume rose 74.74% to $13.02 billion as per CoinGlass. Open interest on SOL futures climbed 8.79% to $7.26 billion. Options activity moved fastest: options volume jumped 96.36% to $38.50 million, the steepest percentage gain across the reported measures, while options open interest rose a more measured 4.79% to $197.59 million.

Rising futures open interest alongside a spot rally is a setup where the marginal buyer is leveraged, not spot demand. That distinction tends to show up on the first four-hour red candle.

The levels that frame the next move

The nearest upside levels, per the source, sit at $125 and $130. Support is flagged at $114 and $110. SOL had bounced from around $108 over the weekend before this leg.

A four-hour close above $120 is the trigger the source cites for the next bullish phase. A failure to hold $114 puts the weekend low back in play.

Momentum indicators from the same piece put the 14-period RSI at 65.58 and rising, with Chaikin Money Flow at 0.30. Both sit above neutral but well short of extremes. Neither figure is tied to a named data desk in the source, which limits how much weight they can carry on their own.

Here is what would prove it wrong: a four-hour close back below $114 alongside cooling futures open interest would undercut the squeeze that produced the $118 point.