Solana just hit its highest price since January, touching 118 USD in intraday trading Monday and leaving every other major cryptocurrency in the dust this month with a rally of roughly 20 percent.
By Diego Rivera | September 21, 2026
SOL, the token that powers the Solana blockchain, traded around 117 USD on Monday after peaking near 118 USD earlier in the session — its strongest level in eight months, according to CoinGecko price data. The move came as the broader crypto market exploded higher, with bitcoin itself jumping above 85,000 USD to its own eight-month high. But while bitcoin’s surge is grabbing headlines, solana has quietly been the leader among major coins all month, as Yahoo Finance highlighted this week.
The Hook: Shorts Got Wiped Out
Part of Monday’s jump had a mechanical trigger. Altcoin Buzz reports that the broader market saw roughly 900 million USD in short liquidations as prices climbed — that is, traders betting against crypto were forced to buy back their positions at a loss, which pushed prices up even faster. Think of it like a snowball rolling downhill: rising prices force skeptics to buy, and their buying makes prices rise more.
Analysts at CoinGape noted that solana’s leg higher came with tens of millions in SOL-specific liquidations, and the next widely watched target among traders is 130 USD. Targets are not guarantees — they are simply levels where traders expect resistance — but the fact that the conversation has shifted from “how low can it go” to “how high can it go” says a lot about the change in mood.
On-Chain Evidence: Solana Is Leading the Pack
The numbers tell a consistent story. Solana is up roughly 20 percent this month, leading all major cryptocurrencies, per Yahoo Finance. That outperformance is happening while the total crypto market swells past three trillion USD, as Forbes reported Monday, with a wave of alternative coins posting gains that outpace even bitcoin’s impressive run.
- SOL near 117 USD — up over six percent Monday, after touching an intraday high near 118 USD, the highest since January
- 20 percent monthly gain — the best performance among major cryptocurrencies this month
- 900 million USD in short liquidations — market-wide forced buybacks that accelerated the rally
- 130 USD — the next trader-watched level if momentum holds
The Core Conflict: Rally or Supercycle?
Bulls are getting louder. Benzinga reported this week that some analysts believe solana’s next “token supercycle” may be taking shape, pointing to a handful of technical and activity indicators. Meanwhile, prominent investors like Multicoin Capital’s Kyle Samani have laid out the case that solana could overtake ethereum in market value this cycle, according to Altcoin Buzz.
The skeptical view is just as simple: after a 20 percent monthly gain, a lot of good news is already priced in. Liquidation-driven rallies tend to overshoot, and coins that rise fastest on leverage often retrace hardest when the momentum stalls. If you are considering buying solana here, understand that you are paying the highest price in eight months for the privilege.
Market Implications: What This Means For You
Solana is often described as a faster, cheaper rival to ethereum — a network where people trade tokens, use apps and mint collectibles without high fees. When SOL leads the market, it usually signals that everyday users and speculators are returning to crypto in force, not just institutions buying bitcoin through funds. That makes solana a useful mood ring for the whole altcoin market.
For holders, the rally is a reward for sitting through a brutal summer. For newcomers, the honest framing is this: momentum is real, but chasing a 20 percent monthly move with money you cannot afford to lose is how people get hurt in crypto. Sizing decisions matter more than timing ones at eight-month highs.
The Verdict
Solana’s break above its January highs, backed by genuine market-wide strength and liquidation-fueled momentum, marks it as the standout performer of this rally. The supercycle talk is exciting but unproven — treat it as a possibility, not a promise. Watch whether SOL can hold above the 115 USD area it broke out from; that is the line between a new trend and another fake-out.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
118 and leading every major coin for the month. sol out here making my 2023 bags feel smart again
quietly? every ct timeline has been all sol all week lmao
ct has been all sol for three weeks straight lol. quiet ended the moment 110 broke
900 million in shorts vaporized and people still call this organic. 118 is impressive but half that candle is liquidation fuel
doesnt matter why it moves, only that it moves. 130 is the magnet and the momentum crowd piles in way before that
900m in shorts clearing is fuel not faking, but fair point on the retest. 117 holding is where you find out
retest of 117 into the close while btc pinned 85k is all you need. shorts keep fighting a 20 percent monthly leader and keep paying for it
strip out the squeeze and sol still leads every major at 20 percent for the month. 118 holding the retest matters too
first touch of 118 since january with fees actually backing it. the 117 retest is where you find out if its earned
SOL leading every major at 20 percent this month feels like 2021 again. held from the 60s, not selling into this
last january it sat near this level right before everything fell apart. hoping the setup is different, fee revenue looks healthier now
fee revenue is the difference. apps generate real activity now vs the thin usage in january, different animal entirely
the fee revenue angle is why im holding through this. january had none of that behind the price, the usage base is real this time
900m in shorts vaporized on the way to 118 and people still argue organic or not. its both, squeeze on top of real fees
its both until the retest settles it. 117 held into the close and the bid was fee revenue backed, not just liquidation fuel chasing 900m in shorts
118 with fee revenue actually backing it this time. january was vibes on high beta, this one feels earned
fee revenue gap is the whole argument. january ran on leverage, this one has app activity under it. still taking profit at 125 tho
first touch of 118 since january and monthly leader across majors. 130 is the next magnet if btc holds 85k
130 is the magnet only if the 117 retest holds on a red btc day. squeeze fuel bought this print, the fee base has to keep it
sol up 20 percent on the month leading every major and the headlines still all say bitcoin. every time