Solana Surges to Highest Price Since January, Wipes Out Over $18M in Shorts

Solana (SOL) price surged to $117.23 on September 21, its highest level since January. The move came as Bitcoin pushed above $86,000 for the first time this year, pulling the broader crypto market up with it.

The rally triggered a wave of forced liquidations. Over $18 million in SOL short positions were wiped out within 24 hours. Across the wider crypto market, leveraged positions worth $900 million were liquidated, with $260 million in shorts closed in under an hour.

Crypto analyst Gerla shared a bullish take on the move, noting that SOL had gone through roughly seven days of accumulation and 230 days of manipulation before entering what he called the 'major markup phase'. He set a price target of $500, saying the only question was how long it would take to get there.