The cryptocurrency market is buzzing with speculation as analysts dissect the latest monthly chart for Solana (SOL), shared by crypto influencer Dan Gambardello on October 29. The chart highlights a significant price range between $199.44 and $579, marked by red arrows, suggesting a potential consolidation phase after a notable upward trend since early 2025. With 579 days since the last peak, the question arises: has the bull market ended, or are we on the cusp of a new surge?
Key Observations from the Chart:
- •Solana has experienced a 579-day consolidation phase within a price range of $199 to $579.
- •ETF season and potential interest rate cuts are identified as drivers that could boost institutional interest and overall growth.
- •The current price is approximately $199, supported by a 7% staking yield, indicating underlying resilience in the asset.
Macroeconomic Drivers: ETF Season and Expected Rate Cuts
Gambardello poses a compelling argument, pointing to several macroeconomic and industry developments that could fuel further growth. The onset of ETF season, a shift from quantitative tightening (QT) to a more accommodative monetary policy, the recent passage of a market structure bill, and anticipated rate cuts could create a favorable environment for SOL. These factors might attract institutional investors, potentially driving prices higher despite the current consolidation.
Here is $SOL on monthly. If the bull market is over, it ended 579 days ago.
— Dan Gambardello (@cryptorecruitr) October 29, 2025
So, is it really over as ETF season begins, business cycle shifts out of QT, market structure bill passes, and rates begin coming down? pic.twitter.com/iHwYpRBRB9
Key Levels and What to Watch in Coming Months
However, the chart also reveals volatility, with green and red candlesticks indicating mixed sentiment. Some community members on X argue that the bull market never truly began, labeling the recent rally a bear market bounce. Others are skeptical, citing SOL’s massive inflation and questioning the sustainability of its market cap growth. Despite the debate, the current price hovering around $199.35 (as of recent data) and a 7% staking yield from the newly launched Bitwise Solana ETF suggest resilience.
As we approach November 2025, all eyes are on Solana. The coming weeks will be critical, with technical indicators and market conditions likely to dictate the next move. Whether this is a pause before a breakout or a sign of a downturn, the crypto community remains divided. For now, investors are advised to watch key support levels around $176-$186 and resistance near the previous highs, as Solana’s trajectory could set the tone for the broader market.