SOL Rallies as Novogratz Calls Solana ‘Tailor-Made’ for Financial Markets, Analyst Sees $1,314 Target

Solana’s SOL rallied above $239 on Friday, extending its sharp September gains, as Galaxy Digital CEO Mike Novogratz described the blockchain as “tailor-made” for global financial markets and analyst Ali Martinez charted a potential path to $1,314. Martinez, a well-known crypto analyst, highlighted Solana’s breakout from what chart technicians call a cup-and-handle pattern, a formation that often signals the start of a long-term rally. In his chart, Martinez marked $1,314.41 as the main technical target, using Fibonacci retracement levels to project Solana’s upside. The pattern reflects a multi-year basing structure: Solana’s deep decline in 2022 and 2023 formed the “cup,” while the sideways consolidation of 2024 and early 2025 formed the “handle.” According to Martinez, the breakout above resistance near $220 validates the structure and opens the way to much higher levels if momentum persists. Novogratz, speaking on CNBC’s "Squawk Box" Thursday, l aid out a sweeping bull case for Solana and crypto more broadly. He began by pointing to treasury companies tied to both ETH and SOL, which he said are raising billions of dollars and bringing “lots of energy and money” into the digital asset ecosystem. He then pivoted to bitcoin, predicting the world’s largest cryptocurrency should see a surge toward the end of the year. But his most detailed remarks focused on Solana and the changing regulatory landscape. Novogratz said U.S. SEC Chair Paul Atkins has made clear that he wants all markets to move on-chain, citing a speech earlier in the week where Atkins declared, “On-chain capital markets and agentic finance are on the horizon, and the world is watching.” As part of that backdrop, Novogratz flagged Nasdaq’s proposal to the SEC to allow tokenized securities to be traded directly on the Nasdaq Stock Market. Combined with the new U.S. stablecoin framework, he argued, crypto finally has both the technology and the regulatory clarity to serve as financial market infrastructure. On the technology side, Novogratz emphasized Solana’s raw capacity, saying the blockchain can handle 14 billion transactions per day — enough, in his words, “to process all the transactions in equities, fixed income, commodities and foreign exchange combined.” He went on to call Solana a blockchain that is "tailor-made" for financial markets. Adding it up — scalable infrastructure, a pro-blockchain regulatory stance and billions in new institutional inflows — Novogratz concluded that “this is the season of SOL,” a moment when Solana is positioned to take a leading role as capital markets shift on-chain. Technical Analysis Highlights (Sept. 11 15:00 – Sept. 12 14:00 UTC) According to CoinDesk Research's technical analysis data model, SOL gained about 6% in the 24-hour period, climbing from $227.14 to $240.02, with trading volumes reaching 3.66 million contracts. The token broke above eight months of resistance at $220, hitting $240 for the first time since January as institutional buyers added exposure. The strongest rally occurred in the final hour of trading (13:14–14:13 UTC on Sept. 12), when SOL advanced another 1% from $239.92 to $241.17. The most dramatic breakout came just after midnight UTC on Sept. 12, when volume surged to 3.66 million contracts — nearly triple the 24-hour average of 1.46 million. Support was established around $225.50 during early consolidation, while resistance emerged at $240.08, where several rallies initially stalled. Heavy trading volume at $228.78 (3.66 million contracts) confirmed that level as a key support zone. The busiest trading window was 14:09–14:11 UTC, with 214,368 contracts changing hands — nearly six times the typical hourly average. A fresh support level has now formed near $241.17, suggesting buyers are willing to defend higher prices even after the breakout. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy .