SOL Stronger Bet Than ETH as SOL Holds Key Support, Says Analyst

According to CoinDesk Data, Solana's SOL traded astatine $232.11 arsenic of 12:30 UTC connected Sept. 16, holding comparatively steadfast aft a choppy time that saw prices trial some the $230 and $238 levels.

Analyst's view

Altcoin Sherpa, a wide followed trader, said earlier contiguous connected X that helium sees SOL and BNB arsenic stronger bets than ETH. He noted that caller backing flows and marketplace structures look much SOL-oriented, portion ETH has already made a important tally and whitethorn request clip to consolidate.

He added that majors inactive determination successful measurement with BTC: if BTC weakens, it is improbable SOL, BNB, oregon ETH volition support rising. But if bitcoin rallies connected affirmative macro developments, helium expects majors to travel — with SOL and BNB apt starring successful performance. Sherpa said helium remains agelong some SOL and BNB, portion his ether presumption is comparatively small.

CoinDesk Research's method analysis

According to CoinDesk Research's method investigation information model, SOL traded wrong an $8 scope during the Sept. 15–16 investigation window, moving betwixt a $238.09 precocious and a $230.13 low.

The heaviest selling occurred betwixt 12:00 and 17:00 UTC connected Sept. 15, erstwhile SOL slid astir $8 from highest to trough. Volume spiked to 1.5 cardinal units during this decline, marking aggravated selling pressure.

Afterward, buyers repeatedly defended the $233–$234 area, establishing a short-term “floor.” SOL consolidated with information from astir 650,000 units of volume, suggesting a premix of organization organisation and retail accumulation.

Toward the extremity of the session, terms enactment improved. Between 07:00 and 08:00 UTC connected Sept. 16, SOL broke retired of a choky $235.52–$236.50 band, concisely climbing to $236.90 connected a 46,000-unit spike successful conscionable a fewer minutes. That surge pushed terms toward a $237.50–$238 absorption portion earlier momentum cooled.

Overall, the information shows SOL stabilizing aft crisp swings, with a wide enactment basal adjacent $233 and a ceiling forming betwixt $237.50 and $238.

Latest 24-hour and one-month illustration analysis

The latest 24-hour CoinDesk Data chart, ending astatine 12:30 UTC connected Sept. 16, shows SOL astatine $232.11 aft retreating from a $236–$237 intraday zone. Trading narrowed into the $232–$234 band, reinforcing that country arsenic short-term support.

The one-month illustration shows SOL inactive trending upward overall, though the caller pullback highlights that SOL is investigating its enactment basal alternatively than extending gains. The consolidation suggests the token whitethorn request to stitchery momentum earlier different effort higher.

Disclaimer: Parts of this nonfiction were generated with the assistance from AI tools and reviewed by our editorial squad to guarantee accuracy and adherence to our standards. For much information, see CoinDesk's afloat AI Policy.