$SOL SOL is going crazy today. When I got off work and opened the charts, SOL had already climbed above $115, up 6.3% in 24 hours. This pump started from the stage low at $107.34, quickly surged to $113.4, then pulled back to shake out traders, before directly breaking through the previous high.
The shorts were buried again. In the past 24 hours, SOL liquidations exceeded $18 million, and shorts accounted for 96% of the total liquidation amount. Even more extreme, derivatives trading volume hit $12.1 billion, while spot volume was only $1.49 billion—derivatives are over 8 times spot. Derivatives are driving this move; on-chain spot capital hasn’t expanded in sync.
One signal worth noting: Multicoin co-founder Kyle Samani said today that SOL’s market cap will surpass ETH in this cycle, arguing that “almost nobody truly uses Ethereum.” I checked the DefiLlama data—over the past 30 days, Solana chain transaction fees were $23 million, which indeed exceeds Ethereum’s $12.6 million. There’s data behind the claim, but “surpassing market cap” is another magnitude. Just listen to it.
My personal take: SOL has broken through the resistance zone that capped the price for the past three months. The bullish structure target is $125–$140. But there’s one data point to stay alert to: today, over $836 million worth of SOL was transferred to exchanges, mainly flowing to Binance. Large deposits often imply potential sell pressure.
Don’t chase at the highs in the short term. Above $115, I need to see spot buy-side follow-through before confirming the trend. If it retraces to the $109.5–$110.5 support zone and holds firm, then consider catching it again. This short squeeze-driven move is, in essence, self-reinforcement in the derivatives market—not a healthy upswing driven by spot demand. $BTC $ETH #比特币突破8.5万美元
The shorts were buried again. In the past 24 hours, SOL liquidations exceeded $18 million, and shorts accounted for 96% of the total liquidation amount. Even more extreme, derivatives trading volume hit $12.1 billion, while spot volume was only $1.49 billion—derivatives are over 8 times spot. Derivatives are driving this move; on-chain spot capital hasn’t expanded in sync.
One signal worth noting: Multicoin co-founder Kyle Samani said today that SOL’s market cap will surpass ETH in this cycle, arguing that “almost nobody truly uses Ethereum.” I checked the DefiLlama data—over the past 30 days, Solana chain transaction fees were $23 million, which indeed exceeds Ethereum’s $12.6 million. There’s data behind the claim, but “surpassing market cap” is another magnitude. Just listen to it.
My personal take: SOL has broken through the resistance zone that capped the price for the past three months. The bullish structure target is $125–$140. But there’s one data point to stay alert to: today, over $836 million worth of SOL was transferred to exchanges, mainly flowing to Binance. Large deposits often imply potential sell pressure.
Don’t chase at the highs in the short term. Above $115, I need to see spot buy-side follow-through before confirming the trend. If it retraces to the $109.5–$110.5 support zone and holds firm, then consider catching it again. This short squeeze-driven move is, in essence, self-reinforcement in the derivatives market—not a healthy upswing driven by spot demand. $BTC $ETH #比特币突破8.5万美元