Solana Shows Strength Over ETH as Key Support Holds
Solana (SOL) maintained a firm footing amid a choppy market session, outperforming Ether (ETH) as traders monitored key support levels. According to CoinDesk Data, SOL traded at $232.11 as of 12:30 UTC on Sept. 16, moving between $230 and $238 during intraday swings.
Analyst Perspective
Altcoin Sherpa, a prominent trader, highlighted SOL and BNB as stronger plays compared to ETH, citing favorable market flows and structural trends. He noted that ETH has already experienced substantial gains and may require consolidation, while SOL and BNB could outperform if Bitcoin rallies on positive macro developments. Sherpa remains long SOL and BNB, holding a smaller position in ETH.
Technical Analysis – CoinDesk Research
CoinDesk Research indicates SOL traded within an $8 range over Sept. 15–16, from a high of $238.09 to a low of $230.13. Selling pressure peaked between 12:00 and 17:00 UTC on Sept. 15, with volume rising to 1.5 million units during the drop. Buyers defended the $233–$234 range, establishing short-term support amid a mix of institutional distribution and retail accumulation.
On Sept. 16, SOL briefly broke out of a tight $235.52–$236.50 band, surging to $236.90 on a 46,000-unit spike before encountering resistance near $237.50–$238. This movement highlights a stabilized market with a solid support floor at $233 and a near-term ceiling just below $238.
Chart Insights
The 24-hour chart shows SOL consolidating between $232 and $234 after retreating from intraday highs of $236–$237. The one-month chart continues to reflect an overall upward trend, though the recent pullback indicates that SOL is testing support rather than extending gains, signaling that momentum may be needed for further upside.
