Solana’s sun called over $ 239 on Friday and expanded its sharp September gains when Galaxy Digital CEO Mike Novogratz described Blockchain as “tailored” for global financial markets and analyst Ali Martinez mapped a potential path to $ 1,314.
Martinez, a well-known crypto analyst, highlighted Solana’s breakout from what diagram technicians call a cup-and-handle pattern, a formation that often signalizes the start of a long-lasting rally.
In his diagram, Martinez marked $ 1,314.41 as the most important technical target using Fibonacci Retracement levels to project Solana’s upside. The pattern reflects a perennial base structure: Solana’s deep fall in 2022 and 2023 formed “Cup”, while sideways consolidation of 2024 and early 2025 formed “the grip”.
According to Martinez, the outbreak above resistance near the $ 220 structure and opens the road to much higher levels whose momentum persists.
Novogratz, who talked about CNBC’s “Squawk Box” on Thursday, made a sweeping bull bag for Solana and Krypto more wide. He began by pointing to the Ministry of Finance’s companies tied to both Eth and Sun, which he said raises billions of dollars and brings “lots of energy and money” into the digital active ecosystem.
Then he turned to Bitcoin and predicted that the world’s largest cryptocurrency should see an increase towards the end of the year.
But his most detailed remarks focused on Solana and the changing regulatory landscape. Novogratz said that US SEC chairman Paul Atkins has made it clear that he wants all markets to move on-chain, citing a speech earlier in the week when Atkins declared, “On-Chain Capital Markets and Agentic Finance are on the horizon and the world is watching.”
As part of this background, Novogratz Nasdaq’s proposal for SEC marked to have tokenized securities traded directly on the NASDAQ share market. Combined with the new US StableCoin frame, he argued, Crypto finally has both technology and the legislative clarity to serve as an infrastructure in the financial market.
On the technology page, Novogratz emphasized Solana’s raw capacity and said that blockchain can handle 14 billion transactions per year. Day – enough with his words, “to process all transactions in shares, fixed income, raw materials and currency combined.” He continued to call Solana a blockchain “tailored” to financial markets.
Adding the-scaling infrastructure, a pro-blockchain regulatory attitude and billions in new institutional influx-concluded Novogratz that “this is the season of sun,” a moment when Solana is positioned to take on a leading role as the capital markets change the chain.
Technical analysis highlights (11 September 15:00 – 12 September 14:00 UTC)
- According to Coindesk Research’s technical analysis data model, sun increased approx. 6% in the 24-hour period and climbed from $ 227.14 to $ 240.02, with trading volumes reaching 3.66 million contracts.
- Token broke over eight months of resistance to $ 220 and hit $ 240 for the first time since January when institutional buyers added exposure.
- The strongest rally occurred in the last trade hour (13: 14–14: 13 UTC on September 12)When the SOL advanced another 1% from $ 239.92 to $ 241.17.
- The most dramatic outbreak came just after Midnight UTC on September 12, when volume rose to 3.66 million contracts-almost triple the 24-hour average of 1.46 million.
- Support was created around $ 225.50 during early consolidation, while the resistance occurred at $ 240.08, with several rallies originally stopped.
- Heavy trading volume for $ 228.78 (3.66 million contracts) confirmed this level as an important support zone.
- The busiest trade window was 14: 09–14: 11 UTC, with 214,368 contracts that changed hands – almost six times the typical hourly average.
- A new support level has now been formed almost $ 241.17, suggesting that buyers are willing to defend higher prices even after the outbreak.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
