Solana Pushes Toward $240 as Novogratz Praises Blockchain, Analyst Charts $1,314 Path
Solana’s SOL advanced 6% on Friday to trade just under $240, extending its September rally on the back of bullish commentary from Galaxy Digital CEO Mike Novogratz and a major breakout projection from analyst Ali Martinez.
Martinez pointed to Solana’s breakout from a classic cup-and-handle structure — a formation often linked to extended rallies. Based on Fibonacci extensions, he identified $1,314 as the technical upside target, arguing that the move above $220 marked confirmation of the pattern after years of base-building.
Novogratz added fuel to the optimism in a CNBC interview, calling Solana “tailor-made” for capital markets. He highlighted the blockchain’s transaction throughput of 14 billion per day, claiming it could support all activity in equities, bonds, commodities, and foreign exchange simultaneously.
The billionaire investor tied Solana’s positioning to broader regulatory developments, including SEC Chair Paul Atkins’ push for on-chain capital markets and Nasdaq’s proposal to list tokenized securities. He argued that a mix of scalable tech, pro-blockchain regulation, and fresh institutional inflows puts Solana at the forefront of financial innovation.
“This is the season of SOL,” Novogratz said.
Technical Picture (Sept. 11–12, UTC)
- SOL rose from $227.14 to $240.02, with daily gains of 6%.
- Breakout volume spiked to 3.66M contracts, nearly three times the daily average.
- Key support established near $225.50; resistance capped at $240.08.
- Strongest advance occurred in the final trading hour as SOL tested fresh highs.
- Buyers defended higher ground at $241.17, indicating firm support above the breakout zone.
