Quick overview

Live SOL/USD Chart

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Solana is struggling to hold the $200 price market amid a crypto bloodbath. A  deeper correction level at $176 and $156 could be in play if $195 is not maintained in the mid term.

Furthermore, if $SOL swiftly recovers $220, resistance levels at $246 and $260 will test bullish momentum. Latest price action highlights that if buyers keep control, the market structure is conducive to a year-end rally.

The SEC has until October 10 to decide on a proposed Solana spot ETF.

With approval, conventional investors would be able to purchase $SOL without actually owning the asset.

Growing interest in crypto ETFs may lead to SOL institutional participation.

Market players watch regulatory changes that could have an impact on both short and long-term price movements. SOL was trading at about $196, down 5% in the last day and 20% for the week. Solana has 540 million tokens in circulation.

Wedge upper bound resistance: $222–$245; psychological level follows at $250. Indicators: Short-term bullish momentum is confirmed by the EMA 9 > EMA 15 crossover. While the RSI is neutral (about 55), the MACD displays a bullish crossover in prediction markets.

The rising 200-day SMA suggests a favorable long-term trend. Prospects: Before pushing to $300 (previous highs), a retest of $200 might present a buying opportunity.