TLDR
- SOL hit $117.23 on September 21, its highest price since January
- Over $18M in SOL short positions were liquidated in 24 hours
- Derivatives trading volume jumped 88.78% to $13.28 billion
- Multicoin Capital’s Kyle Samani predicts SOL will flip ETH this market cycle
- Key upside targets are $120, $125, and $130
Solana surged to $117.23 on September 21, 2026, its highest price since January. The move came as Bitcoin pushed above $86,000 for the first time this year, pulling the broader crypto market up with it.
SOL gained 7.37% in 24 hours, slightly outpacing the overall market, which rose 4.82% to a total cap of $2.88 trillion. Ether climbed above $2,700 and XRP rose nearly 10% in the same session.
The rally triggered a wave of forced liquidations. Over $18 million in SOL short positions were wiped out within 24 hours. Across the wider crypto market, leveraged positions worth $900 million were liquidated, with $260 million in shorts closed in under an hour.
$SOL LIQUIDATIONS: Over $18 million in short positions have been liquidated in the last 24 hours as $SOL surged past $116, reaching its highest level since January. pic.twitter.com/JAKUGTU82e
— SolanaFloor (@SolanaFloor) September 21, 2026
Crypto analyst Gerla shared a bullish take on the move, noting that SOL had gone through roughly seven days of accumulation and 230 days of manipulation before entering what he called the “major markup phase.” He set a price target of $500, saying the only question was how long it would take to get there.
$SOL just entered the phase I’ve been waiting for.
Accumulation took roughly 7 days, manipulation dragged on for nearly 230 days, and now the expansion is happening fast.
We’re now entering the major markup phase.
$500 is the target. The only question is how long it takes to… pic.twitter.com/G8TKyeJuUn
— Gerla (@CryptoGerla) September 21, 2026
Derivatives Activity Picks Up
SOL started the day at $116.80 before briefly reaching $119.15. The token had found support near $108 over the weekend before pushing higher.
Technical indicators are leaning bullish. The Relative Strength Index sits at 65.58 and is trending upward. The Chaikin Money Flow reading of 0.30 shows buying pressure is above neutral, suggesting continued demand.
Derivatives data backs up the price action. Trading volume rose 88.78% to $13.28 billion. Open interest climbed 10% to $7.33 billion. Options volume jumped 111% to $37.08 million, pointing to increased short-term trader activity.
Analysts are watching $120 as the key level. A four-hour close above that mark would confirm the next bullish phase, with $125 and $130 as the next targets. Support sits at $114 and $110.
Samani Sees SOL Flipping ETH
The price move comes alongside renewed attention on Solana’s broader position in the market. Multicoin Capital co-founder Kyle Samani said in a recent interview that SOL will surpass Ethereum’s market cap “this market cycle.”
Samani argued that Ethereum’s value is largely propped up by stablecoins and collateral-backed borrowing. He described ETH as an asset with “questionable value accrual” and said he doesn’t see why investors would hold it at current valuations.
Solana’s market cap currently sits around $58 billion, compared to Ethereum’s $293 billion. A flip would require roughly a five-fold increase in SOL’s value.
Solana already outpaces Ethereum on fees. Over the past 30 days, Solana generated $23 million in fees, ranking fourth. Ethereum generated $12.6 million, placing sixth, according to DefiLlama.
SOL open interest now stands at $7.33 billion, with options open interest at $197.22 million as of September 21.
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