The price of Solana's SOL token exceeded $116 this week, triggering a short squeeze that resulted in the liquidation of over $18 million in bearish positions. This rally followed the token breaking through the $110 resistance level, a milestone not reached in seven months.
During a 24-hour period as the price reached $112, short positions accounted for approximately 96% of all liquidations, totaling $36.72 million out of $38.21 million. By September 21, the token reached a price of $116.33, marking a 7.5% gain in one day.
Market activity showed a significant increase in derivatives trading. Open interest for Solana futures rose by 18.44% to approximately $7.01 billion. In one session, futures trading volume reached $12.14 billion, while spot volume was $1.49 billion, a ratio exceeding 8 to 1.
Institutional interest was also evident, with BSOL trading volumes hitting $85 million intraday. The current market movement is larger than the May 2026 rally, which saw over $16 million in short liquidations when the price surpassed $90.
