Spot ETF approval could unlock billions, technicals show resilience above $226.
The Solana blockchain ecosystem has catapulted past competitors to generate a staggering $2.85 billion in annual revenue by October 2025. This milestone, achieved amid fierce rivalry with Binance Smart Chain’s BNB-based coins, has sparked fresh debates and fund rotation talks.
At the heart of this wave stands SOL, Solana’s native token, which currently trades at $226. A price supported by robust technical indicators and hopes for spot ETF approval. With bullish analysts projecting possible surges beyond $425, the pace and narrative of Solana’s rise are impossible to ignore.
The first big driver is institutional accumulation. Helius, now branded as Solana Company, made headlines by revealing plans to acquire over 5% of SOL’s total supply. And eyeing a Hong Kong public listing within six months. This follows their earlier accumulation of 2.2 million SOL alongside heavyweights like Pantera Capital and the Solana Foundation.
Second, ETF hopes are intensifying. Major players, including Fidelity and VanEck, have submitted spot SOL ETF filings facing SEC scrutiny in October. Industry prediction markets give high odds to an approval by year-end, a catalyst that helped drive SOL’s recent 25% rally over 60 days. Filing upgrades, including staking options, signal ongoing negotiations to align products with regulatory expectations.
While the bullish narrative is backed by institutional flows and ETF optimism, traders should watch for profit-taking at resistance and the SEC’s evolving stance. The October ETF rulings will be crucial for unlocking additional institutional inflows and confirming Solana’s place in mainstream portfolios.
Solana’s price action over the last 24 hours has displayed its outperformance versus the broader crypto market. While most altcoins saw modest moves, SOL jumped 2.87% to $226.63, riding a tide of institutional buying and ETF speculation. The market cap now sits at $123.83 billion, backed by a healthy though contracting 24-hour volume of $7.1 billion. It is worth noting that SOL posted a daily high of $229.56 and a low of $219.67, reflecting its range-bound resilience.
Digging deeper into technicals, SOL price reclaimed the 38.2% Fib retracement at $229.49 and now hovers above its 30-day SMA at $226.07. The MACD histogram has shifted positive, while RSI at 54 suggests room for further consolidation before a true breakout. Price remains influenced by strong support around $218-$212 and faces key resistance at $230. If bulls maintain momentum above this line, targets move into the $245-$250 zone.
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