Solana trades near $196.55 today, showing small gains after a sharp drop caused by the major market crash on October 11. Its current market value stands around $105.9 billion, making it a major player in the crypto world.
Meanwhile, its trading activity remains high, increasing over 15% in the last 24hours, putting its trading volume at $13.63 billion, in the same period of time.
SOL price action | Source: CoinMarketCap
A major event is driving this sudden surge in trading and current market focus. The US financial regulator, the SEC, has a key deadline this Thursday, October 16, for several spot Solana ETF applications.
An ETF is a simple financial product that allows traditional investors to buy crypto easily. Analyst TED notes that this week is a huge turning point for Solana’s immediate value.
Technically, the price is resting on a long-term upward trend line and a support zone at the $175 level seen on the daily chart. These two zones have provided support for many months of growth as it pushes upward; however, Solana recently failed to break above its strong resistance area near $240 to $250.
SOL Technical analysis | Source: TradingView
Holding this trend line is now critical for the price to maintain its general bullish direction. If the line breaks, it could signal a longer, deeper fall in price.
The market now faces two main possibilities depending on the SEC’s decision this week. If the SEC decides to approve the ETF, institutional investment will flow into Solana. This institutional interest would likely send the price surging, aiming to retest the $240 resistance.
However, a decision to delay the ETF, which is common, will likely cause a short-term drop in price. This drop may push the value toward the next support level near $175 or the $155 before new buyers arrive.
Traders should watch the SEC announcement closely, as it will determine the path Solana takes for the next few weeks. The market is holding its breath.
Meanwhile, crypto analyst Lark Davis in an X post pointed out his view on the market, stating, “ SOL is tightening up between key levels. If it breaks upwards, the Fib 1.618 points toward $300+. If it breaks down, the next possible support levels are at $169 → $125 → $95. One clean move from here decides the next major trend.
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