- Solana is gaining bullish momentum, with analysts predicting a breakout to $200 amid rising ETF approval speculation.
- A strategic ecosystem rebrand and technical upgrades are also boosting investor confidence.
Solana (SOL) is once again capturing market attention as a bullish consolidation trend nudges its price toward the critical $200 mark. With the broader crypto market rebounding, Solana’s standout performance is underpinned by growing anticipation around a potential Exchange Traded Fund (ETF) approval and a strategic ecosystem rebrand.
Also read: XRP Price Prediction: Analyst Says 2017 Pattern Could Push XRP to $45
Currently trading around $120 — up over 8% in the past 24 hours — Solana is testing a key resistance level that could trigger a breakout. According to crypto analyst World of Charts, SOL could surge by more than 86% in a bullish scenario, potentially hitting $225. However, the analyst also warned of a possible dip to $75 if crucial support zones fail.
On the technical front, Solana’s Relative Strength Index (RSI) has recovered from 34 on April 8 to nearly 47, signaling improving momentum. However, the Death Cross recorded on April 2 still looms, reminding traders that the uptrend is not yet confirmed.
The buzz surrounding a Solana ETF is amplifying investor optimism. Bloomberg ETF Analyst James Seyffart revealed that October 10 marks the first final deadline for SOL ETF approval, though there’s a possibility the newly crypto-friendly U.S. SEC could act sooner. If approved, a Solana ETF would likely attract institutional capital — a major bullish catalyst for the network’s growth and price action.
Meanwhile, Solana is doubling down on a rebranding push, unveiling several technical upgrades aimed at improving privacy, accessibility, and community engagement. These include Confidential Balances for enhanced privacy and Open Source Relayers developed in collaboration with OpenZeppelin — both still in early testing.
In a nod to retail excitement, Solana is also reigniting its memecoin narrative with initiatives like PumpFun, PumpSwap, and the return of its livestream service, PumpFi. These efforts reflect a broader strategy to maintain engagement across retail and institutional audiences alike.
With ETF speculation heating up and strong technical fundamentals in play, Solana could be on the verge of a major breakout. As Q4 approaches, all eyes are on October — a month that might just redefine SOL’s trajectory.
