TLDR
- Solana (SOL) trades at $102.78, down 0.57% over the last 24 hours.
- SOL sits above all four major daily EMAs, keeping the broader trend positive.
- Open interest fell from a peak of $7.5 billion to roughly $6.6 billion.
- Short liquidations near $100 million hit around August 20 during SOL’s rally.
- The Solana Foundation announced an October 5 institutional event in London.
Solana (SOL) is trading at $102.78 today. That marks a 0.57% drop over the last 24 hours.
The token remains above its 20-day, 50-day, 100-day, and 200-day exponential moving averages. This keeps the broader trend positive despite slower momentum.
The 20-day EMA sits at $99.21. The 50-day, 100-day, and 200-day EMAs are at $90.52, $86.13, and $91.37.
Solana’s RSI reading is 60.74, below its recent average of 67.73. This shows August’s strong momentum has cooled, though the reading stays in bullish territory.
Open Interest and Liquidations Point to Cooling Leverage
Open interest climbed from about $4.4 billion in early August to a peak near $7.5 billion late in the month. It has since dropped to roughly $6.6 billion, according to Coinglass data.
The largest liquidation event happened around August 20. Short liquidations reached close to $100 million as SOL moved quickly away from the $70s range.
Forced buying from those short liquidations may have added extra upward pressure during the rally. Liquidations continued in smaller bursts after the breakout, hitting both long and short positions.
Trading volume also spiked during the rally. Daily volume reached $12 billion to $15 billion on several days, with a peak near $17 billion.
That volume has since fallen back, even as SOL holds between $100 and $105. Traders are watching whether new volume returns as price moves.
Solana Foundation Plans October Event in London
The Solana Foundation announced an event called Solana & Suits on X. It is a closed, invite-only forum set for October 5 in London.
Speakers will include representatives from Standard Chartered, State Street, Société Générale, Baillie Gifford, and Allfunds. The foundation framed the event by asking, “What will the world’s financial system look like in ten years?”
It added that the forum is “not a debate about whether change is coming, but how it gets built.” The event centers on the future of capital markets and onchain financial infrastructure.
There is no data linking the announcement directly to SOL’s recent price moves. It does point to growing interest from banks and asset managers in Solana’s underlying technology.
Bulls now need to defend the $99.21 level tied to the 20-day EMA. A drop below $92.10 could open the door to a deeper pullback toward $74.57.
On the upside, $105.20 is the first resistance level, followed by $110. A break above $110 with rising volume would suggest the August rally still has room to continue.
At writing time, SOL trades near $102.78, holding within its recent range between key support and resistance levels.
