TLDR
- Solana has reached a seven-month high, trading around $216-$220
- SOL is forming a widening triangle pattern with bullish momentum
- Futures open interest has hit a record high of $1.49B, showing strong institutional demand
- On-chain data shows increasing wallet activity despite slowing new user growth
- Price targets range from near-term $245-$280 to ambitious long-term $1,000 projections
Solana has been gaining steady momentum in recent weeks, with the price now hovering around $216-$220. This marks a seven-month high for the cryptocurrency, which hasn’t seen these levels since February. Market watchers are closely tracking SOL’s price action as it builds strength above key support levels.
The cryptocurrency is currently trading inside what analysts describe as a widening triangle pattern. This structure is characterized by higher highs and higher lows, indicating that bulls are steadily gaining ground in the market.
The $200 level has emerged as an important support zone that buyers have consistently defended. As long as this support holds, analysts suggest the current structure favors continued upward movement.
Technical indicators point to the $260-$280 range as the next resistance zone. A clean break above these levels could potentially open the way for a sharper upside extension.
For the near term, traders have identified $245 as a logical target if current levels hold. This outlook is supported by the formation of consistent higher lows and a steady uptrend channel.
Institutional Interest Growing
One of the most telling signals of Solana’s growing strength comes from the futures market. Data from SolanaFloor shows that SOL CME futures open interest has surged to a new all-time high of $1.49 billion.
This represents a sharp climb from the $1 billion level observed in August. The spike highlights the depth of institutional demand, particularly following the launch of the first U.S. Solana staking ETF.
The growing futures activity underlines that both leverage and participation are building rapidly. This derivatives data adds another layer of confirmation to the bullish case for Solana.
Futures markets are playing an increasingly important role in supporting the ongoing uptrend. When paired with technical strength from the widening triangle setup, this provides more conviction for upward price projections.
On-Chain Activity Trends
On-chain data presents a mixed but generally positive picture for Solana. There has been a surge in active wallets on the network, which suggests growing usage of the blockchain.
However, new address creation has fallen to a five-month low, with new user onboarding slowing to levels last seen in April. This indicates that the current rally is being fueled more by accumulation from existing holders rather than fresh retail inflows.
This gap in user onboarding potentially leaves SOL vulnerable to profit-taking by short-term holders. Nevertheless, the overall expansion of activity across the ecosystem provides another layer of support for Solana’s bullish narrative.
The improving on-chain data, when combined with technical patterns and derivatives market strength, shows that Solana’s momentum is being reinforced from multiple angles.
$SOL is probably one of the best large-cap bets right now.
DATs raising billions to buy SOL.
Ecosystem activity is picking up again.
And the chart pattern is screaming parabolic.
Are you holding $SOL? pic.twitter.com/Akiaf1NYTE
— Cas Abbé (@cas_abbe) September 9, 2025
Macro Factors and Long-Term Targets
Broader market factors could also play a role in Solana’s price trajectory. Markets are currently pricing in a 100% probability of a U.S. interest rate cut next week, with expectations of 75 basis points in cuts before year-end.
This monetary policy shift could stimulate new demand for risk assets like SOL. With these macro tailwinds, some investors are positioning early and setting ambitious price targets.
While near-term projections focus on the $245-$280 range, some bullish analysts have begun eyeing the $1,000 level as a potential long-term milestone. This would represent a 355% gain from current levels.
The relative strength index (RSI) currently sits around 62, which is below the overbought threshold of 70 that typically marks rally tops. This suggests there may still be room for the price to run higher before facing significant resistance.
The MACD indicator has also formed a promising golden cross after fluctuating above and below the signal line for a week, potentially confirming a more lasting upward move.
If momentum continues, a breakout could propel Solana to retest its early-year high near $300. With this level reclaimed as support, the door would open for new price discovery with limited historical resistance to cap upside movement.
The current price of Solana stands at approximately $216, representing substantial growth over recent months as both technical and fundamental factors continue to align in favor of the bulls.
The post Solana (SOL) Price: Trading at Seven-Month High Above $216 as Technical Patterns Form appeared first on Blockonomi.