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

According to CoinDesk Data, Solana's SOL traded at $232.11 as of 12:30 UTC on Sept. 16, holding relatively firm after a choppy day that saw prices test both the $230 and $238 levels.

Analyst's view

Altcoin Sherpa, a widely followed trader, said earlier today on X that he sees SOL and BNB as stronger bets than ETH. He noted that new funding flows and market structures appear more SOL-oriented, while ETH has already made a substantial run and may need time to consolidate.

He added that majors still move in step with BTC: if BTC weakens, it is unlikely SOL, BNB, or ETH will keep rising. But if bitcoin rallies on positive macro developments, he expects majors to follow — with SOL and BNB likely leading in performance. Sherpa said he remains long both SOL and BNB, while his ether position is comparatively small.

CoinDesk Research's technical analysis

According to CoinDesk Research's technical analysis data model, SOL traded within an $8 range during the Sept. 15–16 analysis window, moving between a $238.09 high and a $230.13 low.

The heaviest selling occurred between 12:00 and 17:00 UTC on Sept. 15, when SOL slid nearly $8 from peak to trough. Volume spiked to 1.5 million units during this decline, marking intense selling pressure.

Afterward, buyers repeatedly defended the $233–$234 area, establishing a short-term “floor.” SOL consolidated with participation from around 650,000 units of volume, suggesting a mix of institutional distribution and retail accumulation.

Toward the end of the session, price action improved. Between 07:00 and 08:00 UTC on Sept. 16, SOL broke out of a tight $235.52–$236.50 band, briefly climbing to $236.90 on a 46,000-unit spike in just a few minutes. That surge pushed price toward a $237.50–$238 resistance zone before momentum cooled.

Overall, the data shows SOL stabilizing after sharp swings, with a clear support base near $233 and a ceiling forming between $237.50 and $238.

Latest 24-hour and one-month chart analysis

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

The one-month chart shows SOL still trending upward overall, though the recent pullback highlights that SOL is testing its support base rather than extending gains. The consolidation suggests the token may need to gather momentum before another attempt higher.

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.