Isabella García
Solana (SOL) has re-entered a bullish trajectory, gaining momentum as optimism around a potential Solana ETF pushes market sentiment higher.
SOL surged past the $220 level, reaching an intraday high of $226.7, and currently trades at $225.39, reflecting a 7.62% daily gain and 6.86% growth over the week. Traders are showing renewed confidence, as evidenced by strong candle closes above prior resistance accompanied by spiking trading volumes.
Technical analysis points to an intact uptrend for Solana:
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The Relative Strength Index (RSI) sits at 54.71, signaling bullish momentum without hitting overbought levels.
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The MACD is nearing a bullish crossover, further supporting the upward trend.
These indicators suggest that SOL may continue its rally if buying pressure persists.
ETF Optimism Fuels Rally
Investor excitement is fueled by the rising probability of a Solana ETF approval. Bloomberg analyst Eric Balchunas recently noted that odds have climbed to 100%, thanks to the SEC’s updated generic listing rules, which streamline approval processes and reduce historical bottlenecks.
Eight asset managers, including Franklin Templeton, VanEck, and 21Shares, have submitted SOL ETF filings, with first deadlines approaching: Grayscale’s SOL ETF is due Oct 10, while most others are set for Oct 16. Approval of these ETFs could inject significant capital and propel Solana price to fresh highs.
Key Levels to Watch
For the uptrend to continue, SOL must break immediate resistance at $230, the upper boundary of its recent trading range. A sustained breakout could see prices move toward $240–$245, echoing September’s peak levels.
On the downside, $220 now serves as the first support level, with stronger buying expected near $210 if profit-taking accelerates. Momentum remains positive, but the rally hinges on ETF approval and sustained market participation.
