Mike Smith
17 hours ago
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For two weeks, SOL has been circling around $238, as if testing the strength of every digit in the quote. On Monday, the asset fell to $235, then quickly returned to $240, showing a rare stamina for altcoins. While Bitcoin is treading near $112,000 and Ethereum is catching its breath after a marathon, Solana is gathering attention thanks to its own demand driver.
Experienced lawyer Marco Santori announced the creation of Solmate, a fund that intends to turn Solana's momentum into corporate coffers. In a social media track, he called blockchain “the fastest and most engaged” and emphasized that the team will launch bare-metal validators in Abu Dhabi to improve network stability. Santori is confident: SOL is “delivering on the promises of a decade ago” and investors from the Middle East are already ready to accelerate expansion.
The technical scene looks equally exciting. The $238 level has turned from ceiling to floor - that's how a Rekt Capital analyst describes the situation. As long as candles close above this mark, the possibility of storming $253 remains open, and a breakdown of $253-260 could quickly raise the target to $280. A correction under $238 could take the rate to $230-233, but the trend of higher lows has been in place since June, when the price rose from $180 to its current heights.
During the 24-hour period from Sept. 17-18, trading volume rose to 2.88 million coins at peak hours, signaling an oversupply of demand over supply. After a surge to $250, the market took a tidy respite: the price slid down just a couple dollars, and the short shadows at the bottom gave away the willingness of buyers to defend every drawdown to $245.
Trader Kaleo added fire, saying that the “figure with four zeros” is quite realistic. According to his calculations, a move to $1,000 is possible if the ascending channel holds, where each step of $100-120 is gaining faster than the previous one. He doesn't give a timeline, but the past rise from $20 to $250 took less than a year and a half, and the market remembers such accelerations.
The fundamentals add to the story: fees continue to fall and the app ecosystem is expanding with DeFi services and games. Investors await the Fed's rate decision and the reaction of traditional assets. If the dollar weakens, liquidity could flow into projects with bright scaling potential, where Solana has long been at the top of the list.
While the participants are looking at the candles at $238, the altcoin remains in a unique position: a step up promises acceleration, a step down will only return it to the accumulation zone, where enthusiasts continue to stamp applications at insane speeds.
