Altcoin Sherpa emphasizes SOL’s relative strength vs. ETH, while CoinDesk Research identifies important support at $233 and a trading ceiling around $238.
According to CoinDesk Data, Solana’s SOL traded at $232.11 as of 12:30 UTC on September 16, remaining pretty stable after a tumultuous day in which values tested both $230 and $238 levels.
Analyst’s viewpoint
Altcoin Sherpa, a well-known trader, stated earlier today on X that he believes SOL and BNB are better bets than Ethereum. He observed that new funding flows and market structures appear more SOL-oriented, whereas ETH has already achieved significant progress and may require time to consolidate.
He noted that majors continue to move in lockstep with BTC: if BTC falls, SOL, BNB, or ETH are unlikely to rise more. However, if Bitcoin rebounds on strong macroeconomic factors, he expects majors to follow, with SOL and BNB likely leading the way. Sherpa stated that he is long both SOL and BNB, although his ether position is quite minor.
Technical analysis by CoinDesk Research.
During the September 15-16 research window, SOL traded within an $8 range, with a high of $238.09 and a low of $230.13, according to CoinDesk Research’s technical analysis data model.
The heaviest selling took place between 12:00 and 17:00 UTC on September 15, when SOL fell approximately $8 from high to trough. Volume increased to 1.5 million copies during this downturn, indicating severe selling pressure.
Following that, purchasers regularly defended the $233-$234 range, forming a temporary “floor.” SOL consolidated with approximately 650,000 units of volume, indicating a combination of institutional distribution and retail accumulation.
Toward the end of the session, price movement improved. Between 07:00 and 08:00 UTC on September 16, SOL broke out of a tight $235.52-$236.50 range, momentarily rising to $236.90 on a 46,000-unit spike in just a few minutes. The price surged, approaching a $237.50-$238 resistance zone before losing momentum.
Overall, the statistics reveal that SOL has stabilized after significant swings, with a clear support base around $233 and a ceiling building between $237.50 and $238.
Recent 24-hour and one-month chart analysis
The most recent 24-hour CoinDesk Data chart, ending at 12:30 UTC on September 16, shows SOL at $232.11 after retreating from the $236-$237 intraday range. Trading narrowed into the $232-$234 range, strengthening it as short-term support.
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The one-month chart shows SOL still heading upward overall, but the recent dip indicates that SOL is testing its support base rather than continuing gains. The consolidation means that the token may need to collect momentum before making another push upward.
Source: CoinDesk