Coinspeaker
5 hour ago
Bullish

Solana breaks resistance as ETFs drive inflows and shorts liquidate

2 min

Solana (SOL) broke a major multi-month resistance, triggering a short squeeze and attracting ETF inflows: price near $117.60, up 5.8% day-on-day. The move is part of a broader crypto rebound with Bitcoin above $85,000, but SOL-specific drivers amplified gains.

Market Snapshot

  • Volatility: 9.52% today.
  • Spot volume: $988 million.
  • Price context: Highest levels since before the February drawdown; SOL doubled from a ~$60 July low.

Liquidations and ETF Flows

SOL Liquidation Analysis

SOL Liquidation Analysis Coinglass

  • 24-hour liquidations: $23.72 million across 3,968 traders.
  • Shorts vs longs: $21.59 million shorts vs $2.08 million longs, over 90% of losses on short side.
  • Largest single liquidation: $973,702; peak between 10:00–11:00 UTC.
  • Pace: 1.22 times the seven-day average, indicating an active squeeze.
  • ETF demand: U.S. Solana ETFs absorbed 468,600 SOL on September 18, about $55 million, led by Bitwise BSOL.
  • Cumulative since launch: ~652,500 SOL, about $77 million; BSOL holds 604,190 SOL. Flows choppy but net positive.

Key Levels After the Breakout

SOLDUSDT Chart 1D

SOLDUSDT Chart 1D TradingView

  • Immediate resistance: $118.60. A daily close above confirms continuation.
  • Upside zone: $130–$140. Limited resistance between $120 and $145 could accelerate moves if shorts cover.
  • Support: $96.24. Holding preserves the recovery structure.
  • Secondary support: 200-day moving average near $83.90.

Risk: Squeeze-driven advances can reverse when forced buying ends. A failure at $118.60 followed by a drop below $96 would shift focus to the 200-day near $83.90. Current backdrop: strong ETF inflows and concentrated short liquidations support upside momentum.

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