Solana (SOL) has recently navigated a period of significant market volatility, yet demonstrated underlying resilience while consolidating within a defined trading range. Despite sharp intraday swings, the digital asset, trading around $232.11 as of September 16, 12:30 UTC, is drawing attention from analysts and technical indicators, suggesting a pivotal phase amidst broader cryptocurrency market dynamics.
This sentiment is echoed by prominent trader Altcoin Sherpa, who recently suggested on X that SOL, alongside BNB, presents a stronger investment proposition compared to Ethereum (ETH). Sherpa points to emerging funding flows and market structures that appear more favorable to Solana, while Ethereum may require a period of consolidation after its significant gains. He also underscored Bitcoin’s (BTC) critical influence on major altcoins, anticipating that SOL and BNB would likely outperform in a BTC-led rally driven by positive macroeconomic developments.
CoinDesk Research’s technical analysis for September 15-16 revealed Solana trading within an $8 range, peaking at $238.09 and bottoming at $230.13. A notable surge in selling pressure was observed between 12:00 and 17:00 UTC on September 15, when SOL experienced an $8 decline from its peak, accompanied by a spike to 1.5 million units in trading volume. This intense selling, however, met strong buying interest, with the $233-$234 zone repeatedly defended, establishing a robust short-term support floor.
Subsequent consolidation around this floor saw approximately 650,000 units of volume, indicating a complex interplay of institutional distribution and retail accumulation. Price action later improved, with SOL breaking out of a tight band between $235.52 and $236.50 during 07:00-08:00 UTC on September 16, briefly touching $236.90 on a quick 46,000-unit spike. This upward push approached a significant resistance zone between $237.50 and $238 before momentum gradually subsided, leading to a stabilization phase characterized by clear support and resistance levels.
The latest 24-hour chart, ending 12:30 UTC on September 16, confirms SOL’s retreat to $232.11 after testing the $236-$237 intraday zone. Trading is now narrowing into the $232-$234 band, reinforcing this area as critical short-term support. While the one-month chart still indicates an overall upward trend for SOL, the recent pullback suggests the token is actively testing its established support base rather than extending previous gains. This period of consolidation implies a need for renewed momentum to propel the asset higher.
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Maxwell Reed is the first editor of Cryptovista360. He loves technology and finance, which led him to crypto. With a background in computer science and journalism, he simplifies digital currency complexities with storytelling and humor. Maxwell began following crypto early, staying updated with blockchain trends. He enjoys coffee, exploring tech, and discussing finance’s future. His motto: “Stay curious and keep learning.” Enjoy the journey with us!