{"id":11960,"date":"2025-09-28T16:14:08","date_gmt":"2025-09-28T16:14:08","guid":{"rendered":"https:\/\/bitunikey.com\/news\/solana-wipes-out-billions-in-september-but-key-catalysts-point-to-a-rebound\/"},"modified":"2025-09-28T16:14:10","modified_gmt":"2025-09-28T16:14:10","slug":"solana-wipes-out-billions-in-september-but-key-catalysts-point-to-a-rebound","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/solana-wipes-out-billions-in-september-but-key-catalysts-point-to-a-rebound\/","title":{"rendered":"Solana wipes out billions in September, but key catalysts point to a rebound"},"content":{"rendered":"
\n

Solana crashed to a vital support level last week as sentiment in the crypto worsened and liquidations jumped.<\/p>\n

\n
\n Summary<\/span>\n <\/div>\n
\n
    \n
  • Solana has wiped out billions in value this month, with over $400 million in bullish positions liquidated as investors pull back. <\/li>\n
  • Still, inflows into the new REX-Osprey SOL + Staking ETF and the upcoming Alpenglow network upgrade offer potential catalysts for a rebound, setting the stage for a possible retest of $250 if the token can hold key support levels.<\/li>\n<\/ul><\/div>\n<\/div>\n

    <\/p>\n

    SOL crashes as liquidations jump<\/h2>\n

    Solana (SOL) token plummeted to a low of $192, down by 20% from its highest level this month, erasing billions of dollars in value.<\/p>\n

    CoinGlass data shows that Solana bulls suffered substantial liquidations during this crash. Most of these liquidations occurred last Monday, when they jumped to over $250 million.<\/p>\n

    Solana positions worth $82 million were liquidated on Friday, bringing the cumulative weekly figure to over $400 million. Liquidations of bullish trades are a bearish catalyst because it means that exchanges are shutting down bullish positions.<\/p>\n

    The surge in liquidations coincided with the substantial decline in the futures open interest. Data shows that the open interest dropped to $13.4 billion on Sunday, down from the monthly high of $17.1 billion. Falling open interest is a sign that investors are staying in the sidelines during this crash.<\/p>\n

    <\/p>\n

    Still, Solana has some bullish catalysts that may drive it higher in the coming weeks. The first one is the recently launched REX-Osprey SOL + Staking ETF (SSK), which continues to experience inflows, a sign of robust demand. It now holds about $301 million in assets, making it one of the biggest altcoin ETFs.<\/p>\n

    In line with this, Solana will benefit when the Securities and Exchange Commission approves the multiple spot SOL ETFs that companies like Canary and Grayscale have filed. SSK\u2019s performance is a sign that investors are still interested in the coin.<\/p>\n

    Additionally, Solana\u2019s Alpenglow upgrade is scheduled for release in the coming months, which may enhance its performance. This upgrade will introduce new features in the network, including faster speeds and a transition from the proof-of-authority architecture to proof-of-staking.<\/p>\n

    Solana price technical analysis\u00a0<\/h2>\n
    SOL price chart | Source: crypto.news<\/figcaption><\/figure>\n

    The daily timeframe chart shows that the Solana price crashed and bottomed at $191 last week. This was a significant level as it coincided with the bottom of the trading range of the Murrey Math Lines and the 38.2% Fibonacci Retracement level.\u00a0<\/p>\n

    The decline also coincided with the 100-day Exponential Moving Average. Therefore, it is likely that the SOL price will bounce back and possibly retest the psychological level at $250. Such a move would imply a 26% upside from the current level.<\/p>\n

    A drop below the ascending trendline that links the lowest swings since June will invalidate the bullish Solana price forecast.<\/p>\n

    <\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

    Solana crashed to a vital support level last week as sentiment in the crypto worsened and liquidations jumped. Summary Solana has wiped out billions in value this month, with over…<\/p>\n","protected":false},"author":1,"featured_media":4085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=11960"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11960\/revisions"}],"predecessor-version":[{"id":11961,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/11960\/revisions\/11961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/4085"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=11960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=11960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=11960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}