Solana Eyes $345 Target as ETF Approval Odds Hit 99% Despite Recent 6% Decline
Solana (SOL) is trading above $219, down over 6% in 24 hours, as traders anticipate critical SEC decisions on spot Solana ETF applications.
Quick overview
- Solana has generated $2.85 billion in revenue over the past year, significantly outperforming Ethereum at a similar stage in its lifecycle.
- The network averaged $240 million in monthly revenue, peaking at $616 million during the memecoin boom, and maintained strong earnings even after the initial excitement waned.
- Institutional interest in Solana has surged, with public companies holding around $4 billion in SOL, driven by a trend of corporate treasury investments.
- Technical analysis suggests potential price targets for SOL between $290 and $345, contingent on breaking key resistance levels.
According to a comprehensive report from 21Shares, Solana SOL/USD has become a major source of income in the blockchain ecosystem, bringing in a whopping $2.85 billion over the past year. This amazing performance puts the network much ahead of Ethereum’s path at a similar point in its life cycle.
Record-Breaking Revenue Performance Outpaces Ethereum’s Early Growth
Solana made about $240 million a month on average from October 2024 to September 2025. The highest amount was $616 million in January, amid the memecoin boom caused by tokens like Official Trump. Even after the initial excitement died down, the network kept making between $150 million and $250 million a month, showing that the ecosystem was growing in a way that would last.
The difference in revenue with Ethereum is very striking. Ethereum’s monthly revenue was less than $10 million five years after it started. Solana, on the other hand, makes 20 to 30 times more money at the same stage. This efficiency has brought in between 1.2 and 1.5 million daily active addresses, which is about three times the amount of addresses Ethereum had at the same point in its development cycle.
Trading platforms are still Solana’s major source of income, bringing in $1.12 billion, or 39% of total revenue, because to apps like Photon and Axiom. The rest of the money comes from a wide range of sources, including as decentralized financial protocols, AI apps, decentralized exchanges, DePIN initiatives, launchpads, and different trading tools.
Institutional Adoption Accelerates with $4 Billion SOL Treasury Holdings
In 2025, institutions became much more interested in Solana. Public companies now hold around $4 billion in SOL. There are now 18 monitored entities that own a total of 17.8 million SOL tokens. Forward Industries has the most with 6.822 million SOL, followed by Sharps Technology with 2.14 million SOL.
After a few high-profile rebrands, this corporate treasury trend picked up speed. Brera Holdings, which is listed on the Nasdaq, changed its name to Solmate on September 18 after completing a $300 million oversubscribed PIPE raising. The company is now a digital asset treasury and infrastructure platform focused on Solana.
SOL/USD Technical Analysis Points to $290-$345 Price Targets
Even if SOL fell 6% today, its technical structure is still positive, with two clear bull flag formations pointing to a lot of upside potential. Bull flags are continuation patterns that usually end with parabolic price swings if the price breaks over their upper limits.
The first minor bull flag to develop since September 25 will go into effect when SOL goes above $233. The aim for this pattern is $290, which is a possible 25% rise from where it is now. The second, bigger bull flag that has been forming since early August points to an even more ambitious goal of $345, which would mean a 50% rise from current prices.
SOL broke over the upper border of the larger flag at $212. With moving averages going higher and the RSI in positive area, it looks like buyers are still in charge. But to get to $300 and beyond, the price has to break through the strong resistance at $260, which is a key psychological and technical resistance.
Solana ETF Approval Could Trigger Institutional Capital Flood
The US Securities and Exchange Commission’s rulings on nine pending spot Solana ETF proposals are likely to be the main reason for SOL’s next big rise. This Friday is the deadline for significant institutions including Fidelity, VanEck, Grayscale, Canary, and Franklin Templeton to file their applications. 21Shares and Bitwise will have their applications reviewed on October 16.
Most people in the market think that approval will happen. Bloomberg’s top ETF analysts say there is a 100% chance of approval because the rules are clear and the SEC has recently changed its leadership. Polymarket bettors agree with this positive outlook, giving the chances of spot Solana ETF clearance in 2025 a better than 99% chance.
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