- Solana (SOL) is testing crucial support between $217–$220, with analysts watching for a rebound toward $240 or a potential drop below $200.
- Grayscale’s proposed Solana ETF (GSOL) awaits SEC approval on October 10, carrying a 0.35% management fee and strong institutional backing.
- JPMorgan estimates the ETF could attract up to $1.5 billion in its first year, signaling growing traditional finance interest in Solana’s ecosystem.
Solana’s back in the hot seat again. After a few weeks of choppy trading, SOL has slid to a critical support zone between $217 and $220 — a level that could decide whether the token rebounds higher or slips into another correction. Meanwhile, the buzz around the pending Solana ETF filing from Grayscale has injected a new wave of optimism into the market, even as volatility keeps traders on edge.
At press time, SOL trades around $184 after seeing strong swings between $190 and $250 over the past month. The consolidation has left many investors frustrated, but analysts say this kind of setup often comes before a decisive move. If Solana can hold its ground here, the next leg could push the price toward $240 — or even higher.
All Eyes on $220 Support Zone
Crypto analyst Ali Martinez believes that $217 is the key level to watch right now. “That’s the make-or-break line,” he said, explaining that holding this zone could trigger a rebound toward $240 or beyond. Lose it, though, and the market could see a quick drop toward $200 or even $190.
Another analyst, BitGuru, pointed out that Solana’s current structure looks “textbook bullish” after a healthy pullback. The charts show a potential breakout pattern forming, which usually signals upside momentum if confirmed by rising volume. The $240 area remains the next big resistance — break through that, and a run toward $253 could be in play. But for now, all eyes remain on whether bulls can defend the $220 line.
The Solana ETF Could Change Everything
Beyond price action, the real story right now is Grayscale’s push to bring a Solana ETF to market. The firm recently filed an S-1 amendment for its Grayscale Solana Trust (GSOL), which is now awaiting a final decision from the U.S. Securities and Exchange Commission, expected on October 10. The proposed ETF will carry a modest 0.35% management fee and could become one of the first Solana-linked investment products available to U.S. institutions.
Grayscale also announced a partnership with Figment to expand institutional staking options for Solana — another sign that traditional finance players are warming up to the network. Banking giant JPMorgan estimates that Solana ETFs could attract as much as $1.5 billion in inflows during their first year. That’s a massive vote of confidence from the institutional side and could help solidify Solana’s place as one of the leading altcoin ecosystems.
Market Sentiment Builds Ahead of ETF Decision
Bitwise CIO Matt Hougan added that interest in Solana from traditional finance is growing fast. “We’re seeing strong appetite for Solana-based products, not just from crypto-native investors but from mainstream institutions,” he said. The timing couldn’t be better — Solana’s ecosystem continues to grow, its treasury sits near $3 billion, and institutional staking is ramping up.
If the ETF gets approved, it could serve as a major catalyst for SOL’s next rally. But if the SEC delays or rejects the proposal, the token could face short-term turbulence. Either way, traders agree on one thing — $220 is where the story starts, and what happens next could set the tone for Solana’s Q4 momentum.
