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SOL Summary
Position and liquidation data points to leverage cooling
The Solana Foundation plans to hold an event in London in October
Market Overview and Technical Analysis
Solana (SOL) traded today at US$102.78, down 0.57% in the past 24 hours. Despite slowing momentum, SOL remains above all four major daily exponential moving averages (EMA), keeping the overall trend positive.
Specifically, the 20th EMA is at US$99.21, and the 50th, 100th and 200th EMA are at US$90.52, US$86.13 and US$91.37 respectively. The Relative Strength Index (RSI) read at 60.74, below its recent average of 67.73. This suggests that the strong upward momentum in August has cooled, but the reading remains in bullish territory.
Solana price on CoinGecko
Position and liquidation data points to a cooling in leverage
According to Coinglass data, the value of open contracts climbed from approximately US$4.4 billion in early August to a peak of nearly US$7.5 billion at the end of the month. It then fell back to about $6.6 billion. The largest liquidation event occurred around August 20. As SOL quickly exited the US$70-plus range, the short liquidation amount was close to US$100 million.
Forced buying from these short liquidations may have added additional upward pressure during the rebound. After the breakthrough, liquidations continued to occur on a smaller scale, affecting both long and short positions. Trading volume also surged during the rebound, with daily trading volume reaching US$12 billion to US$15 billion on multiple trading days, peaking close to US$17 billion. Even though SOL is currently consolidating between $100 and $105, trading volume has fallen back and traders are watching to see if new volume will return as prices move.
The Solana Foundation plans to hold an event in London in October
The Solana Foundation has announced an event called "Solana Suits" on the X platform. This is a closed, invitation-only forum scheduled to be held in London on October 5th.
What will the world financial system look like ten years from now?
Solana & Suits。October 5th, London.
This is an invitation-based forum for policymakers who shape the future of capital markets. The point is not to debate whether change is coming, but to build it.
Speakers will include representatives from Standard Chartered Bank, State Street, Societe Generale, Baillie Gifford and Allfunds. "What will the world financial system look like in ten years?" the foundation asked while promoting the event.
The forum emphasized that "the focus is not on debating whether change is coming, but on how to build it." The core of the activity focuses on the future of capital markets and on-chain financial infrastructure. There is currently no data to suggest that the announcement is directly related to SOL's recent price movements, but it does indicate growing interest among banks and asset managers in Solana's underlying technology.
Bulls now need to defend the US$99.21 level pegged to the 20th EMA. A break below $92.10 may open up room for a deeper correction towards $74.57. On the upside side,$105.20 is the first resistance level, followed by $110. If it breaks through US$110 while trading volume increases, it indicates that there is still room for continued rebound in August.
As of writing, SOL was trading at approximately $102.78, remaining within the near-term range between key support and resistance.
