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Solana Price Breaks $220 Amid ETF Approval Hype
Solana (SOL) has broken through the psychologically significant $220 mark, hitting an intraday high of $226.70 as investors grow increasingly confident about the approval of a Solana exchange-traded fund (ETF). At the time of writing, SOL is trading at $225.39, up 7.62% on the day and 6.86% on the week, signaling a clear shift in market sentiment.
Technical Indicators Point to a Sustained Rally
Solana’s daily chart paints a bullish picture. The strong candle close above previous resistance is accompanied by a noticeable increase in trading volume—often a key indicator of conviction behind the move.
The Relative Strength Index (RSI) is currently sitting at 54.71, showing bullish momentum with more room to grow before the asset enters overbought territory. Meanwhile, the Moving Average Convergence Divergence (MACD) is signaling an impending bullish crossover, with the MACD line nearing a move above the signal line—typically a strong buy signal for momentum traders.
Overall, technical conditions suggest that SOL’s uptrend remains intact, although further confirmation is needed with a break above key resistance levels.
SOL ETF Approval Odds Hit 100%, Says Bloomberg Analyst
Fueling this bullish breakout is renewed optimism around a Solana ETF. Bloomberg ETF analyst Eric Balchunasrecently stated that the odds of a SOL ETF being approved are now at 100%, following regulatory changes by the U.S. Securities and Exchange Commission (SEC).
“The SEC’s new generic listing standards have removed many of the historical roadblocks that delayed crypto ETF approvals,” Balchunas explained, noting that Solana now stands a real chance of becoming the next altcoin to receive ETF backing.
According to Bloomberg, eight asset managers—including Franklin Templeton, VanEck, and 21Shares—have already filed for a SOL ETF. Many of these filings have been updated to align with the SEC’s new framework. The first major deadline looms on October 10 for Grayscale’s SOL ETF, with most other applications facing decisions around October 16.
A successful ETF listing could pave the way for institutional inflows and further fuel Solana’s rally, mirroring similar market responses seen with Bitcoin and Ethereum ETF news in the past.
While optimism is building, Solana bulls will need to clear key resistance at $230, which marks the upper limit of its recent trading range. A convincing breakout above this level could open the door for a move toward $240–$245, aligning with the highs last seen in early September.
On the downside, the $220 zone now flips into short-term support. Should profit-taking intensify, stronger buying interest is expected around $210, a region that has historically acted as a cushion during pullbacks.
The short-term price action will likely remain sensitive to headlines surrounding ETF developments and broader crypto market sentiment.
Momentum Builds, But Risks Remain
The current rally is being driven largely by anticipation and speculation, particularly around the ETF narrative. While market sentiment has clearly improved, some caution is warranted.
ETF optimism can be a double-edged sword—if approval is delayed or denied, the market may react sharply. Additionally, external macroeconomic factors and regulatory developments in the broader digital asset space could influence short-term price movements.
Still, for now, the momentum is with the bulls. If the SEC moves forward with approvals as expected, SOL could gain further institutional attention and capital inflows, potentially pushing the token into a new price discovery phase.
