Solana Advances as Novogratz Sees Institutional Era Ahead, Analyst Targets $1,314
Solana’s SOL gained 6% on Friday to trade just under $240, continuing its strong September momentum. The rally followed bullish commentary from Galaxy Digital CEO Mike Novogratz and a technical breakout call by analyst Ali Martinez.
Martinez highlighted Solana’s breakout from a long-term cup-and-handle pattern, which he said sets the stage for a significant rally. Using Fibonacci retracement levels, he placed the upside projection at $1,314, adding that the breach of $220 resistance confirms the formation after years of consolidation.
Novogratz reinforced the bullish case in a CNBC appearance, describing Solana as “tailor-made for financial markets.” He pointed to its throughput capacity of 14 billion transactions daily — a scale he argued could handle global equities, bonds, commodities, and FX combined. He also underscored shifting regulatory winds, referencing SEC Chair Paul Atkins’ endorsement of on-chain capital markets and Nasdaq’s push to list tokenized securities.
“These developments — robust tech, regulatory clarity, and institutional inflows — mark the beginning of the season of SOL,” Novogratz said.
Key Technicals (Sept. 11–12, UTC)
- SOL advanced from $227.14 to $240.02, a 6% rise.
- Breakout volumes hit 3.66M contracts, nearly three times the average.
- New support held at $225.50, with resistance capped at $240.08.
- Buyers defended higher ground at $241.17, reinforcing breakout strength.
