Solana Price Gears Up for a Break as $6B in Leverage Piles In
Summary
- Solana price is squeezed between $99 support and a falling ceiling near $102, and the range is nearly out of room.
- Open interest has rebuilt to $6.10B, layering leverage into the tightening range ahead of a break.
- The network logged more than 260,000 new token launches per day for three straight days.
- The 20, 50 and 200-day averages have stacked bullishly for the first time in months.
The recovery has been close to a full round trip. SOL bled from the $110.77 area down to $60.28 in early June, then spent July and most of August grinding sideways between roughly $72 and $80. Late August brought a sharp expansion that carried price back above $98 and briefly tagged the $112 zone in early September.
Now the coin rests on a horizontal shelf near $98.85 that overlaps the 0.236 Fibonacci level. That confluence has been holding. Buyers have stepped in on every dip toward it over the past two weeks, which marks the level as defended rather than incidental. On the daily Binance chart the price closed the latest session at $101.51, still trapped just under its recent highs. Capital has stayed committed through the chop, with DeFi value locked on Solana holding at $5.903B, up 2.64% over the past day.
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