The Solana (SOL) token has shown significant growth, rising 33% from its August low, indicating increased optimism among traders and institutional investors.
SOL Token Growth and Chart Patterns
Since hitting its August low, the SOL token has surged 33%, reaching an intraday high of $208.5 on September 8 before stabilizing at $207.7. The current monthly price increase stands at 16%, reflecting growing bullish sentiment among traders.
On the 4-hour chart, SOL has been consolidating in a symmetrical triangle pattern since late August. The price recently approached the upper boundary of this range at $208.8. If SOL manages a decisive move above this level, analysts project a potential price target of $237 based on the pattern’s height.
Positive Derivative Indicators
Derivative data supports the ongoing rally. SOL futures open interest has climbed from $9.5 billion to $12.9 billion in one month. Moreover, the weighted funding rate has remained positive since August 7, highlighting the bullish bias among traders. The consistent growth in derivatives suggests increased participation and confidence in Solana’s near-term performance.
NFT Activity Rebounds and Institutional Plans
NFT trading on Solana has witnessed a noticeable recovery. Over the past 24 hours, NFT sales volume rose by 47%. This increase in market activity was accompanied by a jump in the number of active buyers, indicating renewed retail engagement within Solana’s ecosystem.
Additionally, SOL Strategies, one of the largest institutional holders of SOL with over $87 million in assets, is set to transition from OTC trading to Nasdaq. This listing could enhance access to capital and visibility, potentially tightening SOL’s available supply. The firm also plans to raise up to $500 million to grow its SOL reserves.
The growth of the SOL token and positive market trends, including NFT activity, suggest an upward trajectory and increasing investor interest. Anticipated changes in institutional structures and ETF proposals could further boost capital inflows into Solana.
