Solana (SOL) Price: Trades at $121 After Breaking Above $94.85 Support

TLDR Solana (SOL) is trading at $121.69, up 0.23% on the day, after reaching an intraday high of $124.95. SOL climbed from below $100 earlier in September after breaking above the $94.85 level. The RSI sits at 68.44, just under the overbought mark, and the MACD remains positive. Solana TVL grew from $4.7 billion in early August to $6.7 billion by late September, and open interest reached about $7.5 billion. Lookonchain reported that a trader holds a 20x long worth $67.88 million with more than $23 million in unrealized profit. Solana (SOL) is trading at $121.69, up 0.23% over the past 24 hours. The token reached an intraday high of $124.95 during the session. The move comes as activity picks up in both the spot and derivatives markets. SOL has climbed from below $100 earlier in September to above $120. The rally gained pace after SOL broke above the $94.85 level on the TradingView chart. That level now acts as a key support for the current uptrend. A deeper support level sits at $73.62. Holding above $120 keeps the current bullish structure in place, while a drop below $94.85 would weaken it. Solana Price on CoinGecko What the Charts Show Technical indicators on TradingView continue to show positive momentum. The Relative Strength Index (RSI) stands at 68.44, above its moving average of 62.91. That reading sits just below the 70 mark. A reading above 70 is often seen as a sign that an asset is overbought. The MACD also points upward. The MACD line is at 6.40, above the signal line at 5.36, with a histogram reading of 1.04. Together, these readings suggest buyers remain active. However, the RSI shows SOL is nearing a level where momentum could start to cool. Activity across the Solana network has also grown. Data from DeFiLlama shows total value locked (TVL) on Solana rose from about $4.7 billion in early August to $6.7 billion by late September. DEX volume, active addresses and transaction counts also stayed strong through September. Still, this data alone does not prove that network activity drove the price rise. Derivatives and a Large Leveraged Bet Derivatives traders are also building positions. CoinGlass data shows Solana open interest has climbed to around $7.5 billion, while derivatives volume is above $12 billion. Rising open interest alongside rising prices means more leveraged trades are being opened as SOL climbs. This setup can lead to larger price swings in either direction. On-chain analytics firm Lookonchain flagged one large trade in a recent post on X. According to Lookonchain, a trader opened a 20x long position of 550,087 SOL, worth $67.88 million, about a month ago.