Solana trading volume surged as SOL returned to a price range last seen in January, with trading activity across spot and derivatives markets increasing sharply during September’s broader cryptocurrency rebound.
SOL climbed to $119.89 on September 21, 2026, according to historical market data, after opening the session at $111.27. The move represented a 7.04% daily gain and took SOL to its highest intraday level in the available September data.
The move followed an even stronger advance on September 18, when SOL gained approximately 10.8%, moving from an opening price near $101.61 to a session high of $114.13.
The price recovery has been accompanied by increased derivatives activity, short liquidations and substantial on-chain trading activity. However, the available data also shows that the market remains volatile: SOL subsequently closed September 23 at about $115.01 after trading as high as $119.70 during the session.
That combination makes the latest move more than a simple price breakout. It reflects increased participation across several parts of the Solana market.
Solana Trading Volume: SOL Reclaims a January-Era Price Level
The most visible development is SOLs return to the $115-$120 area.
On September 21, SOL reached approximately $119.89, marking its strongest level since January according to contemporaneous market reporting. CoinCentral reported that SOL reached $117.23 during the same move, while CoinDesk described the September 18 rally as a fresh seven-month high around $112.
The difference between quoted prices reflects different market-data timestamps and venues rather than necessarily contradictory information.
Historical data from Investing.com shows that SOL’s September 21 session recorded a high of $119.886, with 7.41 million units reported in its volume field. The following day, SOL traded between $115.58 and $119.43 before closing at approximately $118.57.
By September 24, SOL was trading around $115, indicating that some of the initial momentum had moderated but that the token remained substantially above its early-September levels.
This distinction is important for readers: reclaiming a previous price area does not automatically establish a new long-term trend. Price needs to be considered alongside liquidity, volume, derivatives positioning and network activity.
Derivatives Volume Jumps
One of the clearest signs of increased market participation has appeared in Solana’s derivatives market.
CoinCentral reported that SOL derivatives trading volume increased 88.78% to $13.28 billion during the September 21 move. Open interest also rose approximately 10% to $7.33 billion, while options volume increased by more than 100%.
Current CoinGlass data provides additional context. Its SOL futures dashboard recently showed approximately $10.17 billion in 24-hour futures volume, compared with about $1.09 billion in spot volume, alongside approximately $6.99 billion in open interest.
These figures demonstrate how significant derivatives have become for SOL price discovery.
However, high derivatives volume should not automatically be interpreted as purely bullish demand.Futures contracts allow traders to take both long and short positions. Therefore, an increase in futures volume can represent increased speculation on either direction.
Open interest is similarly neutral by itself. It measures outstanding derivatives positions but does not tell investors whether those positions are predominantly bullish or bearish.For that reason, the combination of price, volume, open interest, funding rates and liquidations provides a more complete picture than any single metric.
Short Liquidations Add Momentum
The September rally also forced some bearish traders to close positions.
More than $18 million in SOL short positions were reportedly liquidated within 24 hours during the September 21 move, according to CoinCentral and other market reports. (CoinCentral)
Short liquidations can accelerate a rising market.
When a leveraged trader holds a short position and the asset moves against that trade, the exchange may automatically close the position. Closing a short generally involves buying the underlying asset or its derivative, which can add demand during an already rising market.
The effect can become more pronounced when multiple leveraged positions are liquidated in a short period.That mechanism was visible across the broader crypto market during the same period. The Block reported that more than $648 million in crypto short positions were liquidated over a 24-hour period as Bitcoin moved above $85,000 on September 21.
SOL therefore participated in a market-wide deleveraging event rather than moving in complete isolation.
Bitcoins Recovery Helped Lift SOL
Bitcoin’s broader recovery was another important factor.
On September 21, Bitcoin briefly moved above $85,000, its highest level since January, while the wider crypto market experienced substantial short liquidations. The move helped create a stronger risk-on environment for major altcoins, including Solana.
CoinDesk reported on September 18 that SOL had risen more than 10% over 24 hours to around $112, outperforming Bitcoin and Ethereum during that particular session. The strength also extended into parts of Solana’s DeFi ecosystem, including Jupiter, Raydium and Meteora.
This suggests that the SOL rally should be viewed within the context of a broader cryptocurrency market recovery.It would therefore be too strong to attribute the entire move to Solana-specific fundamentals.
Instead, the recent price action reflects an overlap of:
- broader crypto-market strength,
- increased SOL derivatives activity,
- short-position liquidations,
- renewed trading activity,
- continued Solana network usage, and
- interest in Solana-based financial applications.
Solana’s On-Chain Activity Remains Significant
The price rally comes as Solana continues to record substantial network activity.
The Solana Foundation reported that the network processed a record 216 million non-vote transactions in a single day during August 2026. The network also processed 1.32 billion non-vote transactions during the week of August 17-23.
The same August ecosystem report said Solana’s real-world asset value exceeded $4 billion, while more than 350,000 addresses held those assets.
It also reported that xStocks reached approximately $500 million in assets under management, and Raydium passed $4 billion in cumulative tokenized-stock volume.
These figures provide a different perspective from exchange trading volume.
Exchange volume measures trading activity around the token and its derivatives. Network transaction figures measure activity taking place on the blockchain.Both can rise at the same time, but they represent different forms of market participation.
For readers researching the mechanics behind liquidity and volume, Coinograph’s guide to checking token liquidity explains why trading volume should be examined alongside liquidity rather than treated as a standalone measure.
Solana DEX Activity Is Also Growing
Decentralized exchange activity provides another indication of continued activity on Solana.
Current DeFiLlama data shows approximately $2.47 billion in Solana DEX volume over 24 hours, with roughly $19.03 billion over seven days. DeFiLlama also reports approximately $6.40 billion in Solana DeFi total value locked and more than 2.96 million active addresses over 24 hours.
A separate September 23 report from TokenPost found that Solana recorded approximately 208 million spot DEX trades during the week ending September 13, compared with roughly 190 million trades counted on the New York Stock Exchange during the same comparison period. Importantly, the comparison concerns trade counts rather than dollar volume, so it does not demonstrate that Solana handled more capital than the NYSE. During that week, Solana DEX activity generated approximately $2.67 billion in spot volume, according to the report.
The figures highlight the importance of distinguishing transaction counts from financial volume. Millions of small trades can generate very large transaction counts without representing equivalent dollar values.
Solanas ETF Market Adds Another Demand Channel
Institutional access to SOL has also expanded.
The Solana Foundation reported that U.S.-listed Solana ETFs had accumulated approximately $1.34 billion in inflows across nine products by the end of August 2026. It also reported that Bitwise’s BSOL became the first U.S.-listed Solana ETF to reach $1 billion in assets. (Solana)
More recent reporting indicates that Solana spot ETFs subsequently recorded 12 consecutive weeks of net inflows, taking cumulative inflows above $1.4 billion and assets under management to approximately $1.62 billion.
ETF activity gives investors another way to obtain exposure to SOL without directly holding the token in a self-custodied wallet.However, ETF flows should still be interpreted carefully. Inflows represent capital entering those investment products, but they do not by themselves establish how SOL’s price will perform in the future.
Solana DeFi Activity Is Expanding Beyond Trading
Solana’s ecosystem has also continued moving beyond its traditional DeFi and memecoin activity.
The Solana Foundation’s August report highlighted stablecoin infrastructure, tokenized equities, real-world assets and payments developments.Western Union launched a Visa card backed by USDPT, while MoneyGram introduced MoneyGram Ramps connecting Solana applications to a network of nearly 500,000 cash locations across more than 170 countries, according to the foundation.
The network also recorded $5.2 billion in weekly Solana memecoin spot volume, described by the foundation as the highest weekly figure of 2026 at the time of its August report.
These developments matter because SOL’s long-term demand is linked not only to speculation around its token price but also to activity generated by applications using the network.At the same time, high application activity does not automatically translate into proportional SOL price appreciation. Network usage and token valuation are related but distinct measurements.
What the Recent Volume Surge Actually Shows
The recent data provides several observable signals.
1. Trading participation has increased
SOL derivatives volume rose sharply during the September 21 rally, while open interest also increased. (CoinCentral)
2. Short positions were forced out
More than $18 million in SOL shorts were liquidated during the move, adding a source of forced buying.
3. SOL reached January-era levels
SOL traded near $120 on September 21, marking its highest level since January according to contemporaneous reports and historical price data.
4. On-chain activity remains substantial
Solana continues to record billions of dollars in DEX volume and millions of daily active addresses.
5. Institutional access has expanded
Solana ETFs have attracted more than $1.4 billion in cumulative inflows according to recent reporting.
Taken together, these indicators show increased activity across several market segments. They do not, however, establish that the current price move must continue.
What Traders and Investors Are Watching Next
The next stage of the SOL market will depend partly on whether activity remains elevated after the initial momentum fades.
Spot volume is particularly important. Strong spot activity can provide different information from a rally dominated by leveraged futures.
Open interest also deserves attention. If open interest rises much faster than spot activity, leverage may be becoming a larger part of the move.
Liquidations can provide another signal. A reduction in short liquidations would indicate that some of the forced buying associated with the recent rally has already occurred.
DEX activity and network usage can help determine whether market participation is extending beyond centralized exchanges.
Finally, ETF flows offer a separate measure of demand from regulated investment products.
Readers can also follow broader market sentiment through Coinography’s market sentiment guide, while Coinographys latest crypto news provides ongoing coverage of Bitcoin, Solana and other major digital assets.
Conclusion
Solanas September 2026 rally has been accompanied by a notable increase in trading activity.
SOL reached approximately $119.89 on September 21, its strongest level in the recent recovery, while derivatives volume surged and more than $18 million in SOL short positions were liquidated.
At the same time, Solana continues to show significant blockchain activity. DeFiLlama currently reports roughly $2.47 billion in 24-hour DEX volume, while the Solana Foundation reported record network transaction activity and more than $1.34 billion in cumulative U.S. Solana ETF inflows by the end of August.
The data therefore supports a factual description of the market: **SOL has returned to January-era price levels amid stronger derivatives activity, substantial on-chain usage and growing institutional access.**Whether that activity develops into a sustained trend remains dependent on future spot demand, liquidity, leverage, broader cryptocurrency conditions and continued Solana ecosystem usage.
FAQs
What caused Solana to rise in September 2026?
SOL’s September recovery coincided with a broader crypto-market rebound, increased derivatives activity and short liquidations. Solana’s ecosystem also continues to record substantial DEX and blockchain activity. (CoinCentral)
What was Solana’s highest price during the September rally?
Historical data shows SOL reached approximately $119.89 on September 21, 2026
How much SOL short selling was liquidated?
More than $18 million in SOL short positions were reportedly liquidated during the 24-hour period around the September 21 rally.
How much is Solana trading volume?
CoinGlass recently showed approximately $10.17 billion in 24-hour SOL futures volume and about $1.09 billion in spot volume. These figures change continuously.
How much Solana DEX volume is there?
DeFiLlama’s current snapshot shows approximately $2.47 billion in 24-hour Solana DEX volume and around $19.03 billion over seven days.
Are Solana ETFs attracting investors?
Yes. The Solana Foundation reported $1.34 billion in cumulative inflows across nine U.S. Solana ETF products by the end of August, while later reporting put cumulative inflows above $1.4 billion after a 12-week inflow streak.
Does higher SOL trading volume mean the price will continue rising?
Not necessarily. Higher volume indicates increased trading activity, but it can include both buying and selling. Derivatives volume can also rise as traders take either long or short positions. Price direction depends on the balance of demand and supply and other market conditions.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
Professional Links Website: https://coinography.com LinkedIn: https://www.linkedin.com/in/tobyrothschild/
