SOL at $110, are you going to chase it?
First, look at the surface: others are fearful, but SOL is quietly rising.
In the past 24 hours, it rose 7-8%, monthly up 30-38%, daily price above all major moving averages, DEX weekly transaction count hit 208 million, tokenized stocks exceeded $200 million in a single day. Trend strength ADX 41+, Bollinger upper band was broken through, SOL is set to run independently bullish, don’t judge it with old perspectives.
First thing: Interest rate hikes didn’t kill Solana; instead, they helped it clear the market.
On September 16, FOMC raised rates by 25 basis points to 3.75%-4.00%, the first hike in 2023, with a hawkish new chair and CPI still sticky at 3.4%.
Sounds like “risk assets are doomed”? But the result—BTC and ETH ETFs saw large outflows, while SOL ETFs had a net inflow of $837,000, with AUM reaching $1.4 billion. Funds are rotating from “old money” to “high Beta.”
Second thing: Network upgrade landed, Solana is competing for Nasdaq’s business.
Mainnet slot time cut from 300ms to 250ms, Transaction v1 expanded single transaction size from 1232 bytes to 4096 bytes.
Faster transaction confirmations, complex applications (ZK, RWA) can now run.
DEX weekly transaction count 208 million, surpassing NYSE, approaching 88% of Nasdaq.
Tokenized stocks $200 million in a single day, US bank Column treats Solana as the default network for stablecoin banking.
Third thing: A technical signal that must be watched.
Daily candle is a big bullish candle, reclaiming 20-day, 50-day, and 200-day moving averages, ADX 41+ indicates strong trend. But 4H RSI is 71, shorter periods over 80, price hugging the Bollinger upper band.
Overbought doesn’t mean immediate drop, but chasing highs is definitely uncomfortable. 110-112 is the local high from late August to early September and a dense liquidation zone.
Bull vs. bear, judge for yourself.
On one side:
Slot upgrade landed, faster transaction confirmations, strong narrative.
DEX volume surpasses NYSE, tokenized stocks booming, RWA net inflow nearly $400 million.
SOL ETF inflows against the trend, treasury companies continuously accumulating (Forward Industries holds 7.55 million tokens).
Daily price above all moving averages, monthly up over 30%.
On the other side:
Yearly line still deeply trapped, down over 55% from the $295 ATH.
Macro interest rate hike cycle not over, possibly another hike in December.
4H overbought, huge resistance at 110-112, short-term overheated.
Network had security incidents before, trust repair takes time.
Resistance above: 110-112 (local high + liquidation cluster) → 115 → 130
Support below: 103-105 (breakout zone + liquidation cluster) → 100 (psychological level + 40 million tokens) → 96-97 (previous low)
Trading strategy
Short-term players:
Aggressively buy on pullback to 105-107 with volume stabilization, light position, stop loss below 103, target 112-115, then watch 130. Conservative players wait for 100-103 or volume breakout and stabilization above 112 before chasing. Shorts only suitable for short-term play; if 112-115 rally fails to break, light short with strict stop loss—trend not broken, shorting is like licking a knife.
Swing traders:
Better to buy on dips than chase highs. 100 is key defense; if broken effectively, reassess. Fundamentals support recovery to 130, but macro hasn’t turned; build positions gradually.
Long-term believers:
SOL’s RWA + payments + high-frequency trading narrative is still early; below 100 is a good level for slow dollar-cost averaging.
Up 8%, you call it a bull return; down 55%, you forget it came from 295.
SOL isn’t worthless; you just always buy at the peak and sell at the bottom.
Interest rate hikes didn’t kill Solana, but chasing highs can kill you.
At $110, do you dare to chase?
$BTC$ETH$SOL
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
