Solana Extends Rally as Novogratz Backs Blockchain; Analyst Flags $1,314 Target

Solana’s SOL climbed 6% to near $240 on Friday, its strongest level since January, as fresh bullish commentary from Galaxy Digital CEO Mike Novogratz and a breakout call from analyst Ali Martinez fueled momentum.

Martinez pointed to a breakout from a multi-year cup-and-handle formation, often seen as a launchpad for long-term rallies. Using Fibonacci retracements, he set $1,314 as the next major target, noting the recent move above $220 confirms the pattern and signals further upside if buying pressure holds.

Novogratz, speaking on CNBC, called Solana “tailor-made for financial markets,” citing its ability to process up to 14 billion transactions daily — capacity he said could support global equities, bonds, commodities, and FX combined. He linked Solana’s technical strengths to a broader regulatory shift, referencing SEC Chair Paul Atkins’ call for on-chain markets and Nasdaq’s proposal to list tokenized securities directly.

“These elements — scalable infrastructure, regulatory clarity, and institutional inflows — set the stage for Solana to lead the move toward on-chain finance,” Novogratz said, dubbing this “the season of SOL.”

Market Data (Sept. 11–12, UTC)

• SOL advanced from $227.14 to $240.02, up 6% in 24 hours.
• Volume peaked at 3.66M contracts, nearly triple the daily average during the breakout.
• Support established at $225.50; resistance capped at $240.08.
• Late-session trading saw buyers defend $241.17, suggesting new higher support.