TLDR
- Multiple asset managers filed S-1 amendments for spot Solana ETFs including staking provisions
- SOL rebounded above $210 after finding support at the $193.52 Fibonacci level
- Approvals for Solana ETFs could come within the next two weeks according to experts
- Institutional inflows showed strong demand with REXShares recording $16.2 million in a single day
- Technical analysts see potential for SOL to reach $370-$400 if it breaks above $230 resistance
Solana (SOL) has rebounded above the $210 mark on Monday, recovering from recent price weakness as multiple asset managers filed amendments for spot Solana ETFs. The recovery follows a period of consolidation that saw the cryptocurrency testing key support levels near $193.
Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary have all submitted a fresh round of S-1 amendments for spot Solana ETFs. ETF Store CEO Nate Geraci noted that these filings include staking provisions, which could set a precedent for Ethereum ETF staking as well.
The market responded positively to these developments, with SOL gaining nearly 4% since the announcement on Saturday. Geraci suggested approvals could arrive within the next two weeks, creating anticipation among investors.
The token had experienced a 10.55% decline between September 22 and Thursday last week, falling below the daily support level of $230. However, it found strong support near the 61.8% Fibonacci retracement level at $193.52.
SOL closed above its 50-day Exponential Moving Average (EMA) at $208.81 on Sunday, signaling a potential shift in momentum. The Relative Strength Index (RSI) reads 46, pointing upward and approaching the neutral level of 50, indicating fading bearish pressure.
Institutional Demand Grows
Institutional interest has provided substantial support for Solana’s price floor. Data shows that REXShares recorded an impressive $16.2 million in inflows in just one day, extending a two-week period of consistent demand.
Reports from Whale Insider revealed that REX-Osprey funds purchased over $10.5 million in SOL. These allocations suggest large investors continue to accumulate the token even during temporary price dips.
Such institutional inflows serve as an anchor for price stability, helping to offset short-term selling pressure. Analysts view this consistent capital flow as reinforcement of SOL’s support zone near $200, indicating that real investment rather than speculative activity is driving price action.
Technical Outlook Points Higher
The current technical setup aligns with the positive fundamental narrative. Analysts have identified $230 as the critical resistance level that needs to be cleared for higher targets.
If SOL breaks above this threshold, especially with the catalyst of ETF approvals, price projections point to potential targets between $370 and $400. This outlook is based on consolidation patterns where a series of higher lows meets resistance ceilings.
However, not all analysts share the bullish view. Some technical assessments highlight bearish candlestick formations on the weekly chart. If SOL fails to hold above the $206 level, the token could retreat toward $160, according to these analyses.
The divergence in outlooks underscores the importance of confirmation signals. Without a clear break above resistance or continued institutional support, downside risks remain on the table.
At present, the price sits at a balance point between support and resistance. The chart pattern shows higher lows forming, suggesting underlying strength, but the $230 resistance has held firm so far.
The SOL blockchain is also seeing positive developments that could support long-term growth. Jump’s Firedancer team has introduced proposal SIMD-0370, aiming to remove Solana’s fixed compute unit block limit after the Alpenglow upgrade.
This change would allow block producers to process more transactions, creating a system where Solana’s throughput scales dynamically with validator performance rather than being constrained by fixed limits.
SOL traded at $210 at the time of writing, maintaining its position above the key 50-day EMA. If the $193.52 support level continues to hold, the recovery could extend toward the daily resistance at $230.
The post Solana (SOL) Price: ETF Amendment Filings Push Token Above $210 appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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