Key Insights:
- •Solana recently bought $530 Million in SOL, reducing supply and strengthening investor sentiment in SOL price.
- •Grayscale’s GSOL enabled staking, while a potential Sol ETF gained market attention.
- •Analysts identified $245 as a key resistance before a possible rally toward $300.
Solana price traded around $230 at the time of writing after a 1.45% daily decline. The token remained higher by about 9.6% over the past week and up roughly 13.8% during the past month. Despite the short-term dip, analysts said the asset stayed above its ascending support trendline that had guided price action since mid-year.
Analysts described this momentum as consistent with the “Uptober” trend, a period historically marked by higher returns across the digital asset market. Market data showed that Solana held firm above its support line, suggesting sustained accumulation from both institutional and retail participants.
$530 Million treasury purchase supports Solana price
Market sentiment strengthened after Solana announced a $530 Million purchase of SOL for its treasury. The allocation, among the largest corporate acquisitions of the token to date, demonstrated significant institutional trust in Solana’s technology and scalability.
Analysts viewed the move as part of a broader corporate diversification trend in digital assets, where firms looked beyond BTC and ETH to networks capable of handling high-throughput applications. The purchase effectively removed a sizable amount of circulating supply, which analysts said could ease selling pressure and support the Solana price over time.
Institutional accumulation had historically preceded long-term appreciation in high-performing networks, and market observers said this acquisition positioned Solana among a select group of assets attracting direct balance-sheet exposure. The transaction also aligned with the company’s prior statements about supporting the development of decentralized infrastructure within its ecosystem.
ETF progress and Grayscale’s GSOL staking boost confidence
Grayscale’s decision to activate staking for its Solana Trust (GSOL) added to this momentum. The feature allowed investors to earn network rewards while holding through a regulated vehicle.
Grayscale noted that once GSOL receives regulatory approval to uplist as an exchange-traded product (ETP), it could become one of the first Solana-based ETPs in the United States to offer staking functionality. Analysts said this development underscored the growing alignment between traditional finance and blockchain-based yield mechanisms.
The announcement came as discussions around a potential Sol ETF gained momentum. While no official filings had been confirmed, analysts said market participants anticipated that Solana could follow the path established by ETH and BTC ETFs earlier in the year.
These developments reinforced the perception that Solana was emerging as one of the few large-cap networks positioned for regulated institutional inflows. Analysts said staking-enabled products and treasury exposure from listed firms marked a significant step toward mainstream adoption.
Analysts set $300 target as Uptober momentum builds
On-chain analyst Ali identified $245 as the most significant supply wall for SOL, citing data from Glassnode. He said that breaking above this level could clear the path for a test of the $300 range.
The data indicated that a large number of holders had previously transacted near $245, making it a key resistance zone. Analysts said that once this price cluster is absorbed through buying pressure, momentum could accelerate toward higher targets.
Market analyst Michael Bolt noted that Solana had about $16.6 billion in open futures interest, reflecting high participation and liquidity across derivatives markets. He added that the question was not if the Solana price would reach $300, but when, given the size of the derivatives market.
Analysts said this outlook aligned with growing capital rotation toward altcoins such as SOL, ADA, and AVAX, following Bitcoin’s recent consolidation. They described this as a typical phase within an “altseason,” when non-Bitcoin assets outperform major benchmarks.
Uptober trend and institutional inflows sustain outlook
At the time of writing, the Solana price continued to form higher lows within its rising structure, a sign of persistent accumulation. Analysts said that the strength of this setup depended on the token’s ability to maintain support along its ascending trendline.
If SOL sustained a decisive break above $251, traders expected follow-through buying toward the $300 zone, where both technical and psychological resistance converged. This will be in line with the ongoing Uptober strength. On the downside, a fall below $220 could trigger short-term profit-taking but would not necessarily invalidate the overall bullish setup.
Broader data also supported the case for continued momentum. Trading volumes remained consistent, and funding rates across major derivatives exchanges stayed within neutral ranges, suggesting that leverage levels were sustainable. Analysts said these conditions typically favored gradual price appreciation rather than sharp corrections.
In the near term, the combination of structural support, long-term accumulation, and fresh institutional inflows positioned Solana to test higher resistance zones. Analysts said a sustained close above the upper boundary could confirm continuation toward the $300 target, while maintaining stability above its rising base remained the primary signal of strength.
The seasonal rally, often associated with improved liquidity and investor sentiment in October, appeared to reinforce Solana’s current technical setup. With major treasury acquisitions tightening supply and staking expansion improving yield opportunities, analysts said the Solana price remained in a favorable position heading into the final quarter of 2025.