Solana’s (SOL) price has managed to push back above $186, indicating a possible recovery after a turbulent period. This comes as Bitcoin also rises above $109,000, suggesting a general market rebound. However, like Bitcoin, Solana has been mostly trading within a range since the sharp market correction earlier in October. Despite this, there are emerging signs of positive momentum in the market, fueling optimism for a potential breakout.
Analyst Perspective on SOL’s Short-Term Potential
According to BitGuru, Solana is currently in a downtrend, but it has managed to maintain solid support around the $180 level. This level has become an important price point, as it provides a foundation for the asset amid the ongoing market volatility. BitGuru highlighted that a breakout above the $195 resistance could potentially open the door for further gains, with targets in the $210–$220 range.
BitGuru’s chart analysis shows a transition from a steep decline near $253 into a consolidation range between $170 and $200. The chart also marks a shaded zone, representing areas where strong selling pressure previously took place. Following this, the “Bullish Beauty” phase has emerged, showing that buyers are beginning to reclaim control, which is viewed as a bullish sign. While resistance around the $220–$230 levels remains significant, a breakthrough above this range could signal a larger upward trend.
For now, the focus remains on the $195–$200 range, as this will be the key hurdle that Solana needs to clear in the short term. If this resistance is overcome, analysts are hopeful that the price could move toward the $250 level, a psychological barrier that has historically been tough to breach.
Solana’s Long-Term Uptrend and Investor Sentiment
On the weekly chart, Solana continues to follow an established uptrend that began in mid-2023, marking a significant recovery from its post-2021 crash lows. The cryptocurrency has formed a solid base and has gradually regained investor confidence. However, SOL is currently approaching a key resistance near the $250 level. Historically, this price point has caused strong selling pressure, and any rejection here could result in a pullback toward the $180–$150 range.
Despite the looming resistance, technical indicators like the Bollinger Bands and Accumulation/Distribution line suggest that investor confidence remains strong. The 20-week moving average continues its upward trajectory, which indicates that buying momentum is still present in the market. This continued strength suggests that Solana’s upward trajectory may resume if resistance at $250 is cleared.
Hong Kong ETF Approval Fuels Optimism for SOL
Adding to Solana’s positive outlook is the approval of Hong Kong’s first Solana Spot ETF, which could drive significant investor interest in the cryptocurrency. The ChinaAMC Solana ETF (03460) is set to debut on the Hong Kong Stock Exchange on October 27, offering new opportunities for institutional and retail investors. The ETF will be available in three currency counters: HKD, RMB, and USD, making it accessible to a wider range of investors.
As the sixth-largest cryptocurrency by market capitalization, Solana’s growing demand is supported by institutional developments like the ETF launch. If momentum continues, analysts believe Solana could test the $250 mark in the near term, with further upside potential should the broader market sentiment improve. For now, clearing the $195–$200 range remains a crucial step before SOL can realistically challenge its resistance levels.