Solana Price Surges Past $220 Amid ETF Excitement: Will the Momentum Last?

Solana's price is experiencing a significant upswing, driven by positive sentiments surrounding exchange-traded funds (ETFs).

Key Takeaways

Solana’s price recently surpassed $220, reaching an intraday high of $226.7.
Investor optimism is strong, reflected by a daily increase of 7.62% and a weekly rise of 6.86%.
The odds for a Solana ETF approval are now reportedly at 100%, according to Bloomberg analysts.
The initial deadline for ETF submissions is October 10, with the potential for increased capital inflow into Solana.

Solana price chart from crypto.news showing uptrend amid ETF buzz.

Solana Price Gains Momentum with 100% Odds of ETF Approval

The daily charts reveal a bullish sentiment, characterized by a strong price candle closing above previous resistance. This move was accompanied by a significant rise in trading volume.

Solana price chart from crypto.news showing uptrend amid ETF buzz.

As of now, Solana (SOL) is showing a promising uptrend. The Relative Strength Index (RSI) currently sits at 54.71, indicating that there is still potential for more upward movement before reaching oversold conditions. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows positive trends, with the MACD line approaching a bullish crossover above the signal line.

This recent surge in Solana’s price is occurring amidst growing enthusiasm about the potential launch of a Solana ETF. Eric Balchunas, an ETF analyst at Bloomberg, recently elevated the likelihood of a Solana ETF approval to 100%. This increase in confidence is based on new generic listing standards from the U.S. Securities and Exchange Commission (SEC), which have simplified the approval process by eliminating several previous obstacles.

Upcoming Key Dates for SOL ETF Submissions

Multiple asset managers, such as Franklin Templeton, VanEck, and 21Shares, have submitted applications for a Solana ETF. Notably, some firms have already made amendments to their filings to comply with the SEC's updated guidelines. The pivotal deadline for Grayscale’s Solana ETF submission is set for October 10, while others are expected to follow on October 16. Should these ETFs receive approval, they could introduce new capital into the market, likely pushing Solana's price to higher levels.

To maintain its upward momentum, Solana must break through the immediate resistance at $230, which marks the upper limit of its recent trading range. A successful breakout here might propel the price towards the $240–$245 area, aligning with the peak levels observed in September.

Conversely, the $220 level is now established as the primary support zone, with further support anticipated around $210 if sellers decide to take profits. While there is a clear momentum building for Solana, much of this depends on the anticipated ETF approval and ongoing market interest.