Solana Surges Above $205, Defying ETF Delay and Setting Stage for Next Rally

Solana is trading at $205.79 with a rise of 5.9% in 24 hours, and the momentary ETF approval withdrawal did not hurt it much.

The market has been at the critical support point of $192.27 and a short-term corrective wave will soon be over before the market can head in an upward direction.

The RSI around the midline is also a sign of balance of momentum and the stable price above the range of 200 strengthens the short-term market power.

Solana(SOL) kept on with its positive trend, gaining 5.9 percent in the past 24 hours to stand at $205.79. This was despite the fact that traders were expecting a short-term reversal to end the current correction process before a possible impulsive rise. The market structure is a potential short-term downturn, and the major support is observed at the levels of about $192.27, after which new purchasing interest would be observed to re-emerge.

The one-hour Coinbase chart shows a wave of correction that is near its end, pointing to little potential for going down. Analysts stated Solana has been showing strength, trading above substantial levels of retracement while the general crypto market remains uncertain. The Relative Strength Index (RSI) currently hovers near the middle line, showing equal momentum. But price action hints at preparation for larger directional breakout once correction is over.

Short-Term Correction May Set Up Next Rally

In recent sessions, Solana’s price has traded within a 24-hour range between $192.27 and $205.77, consolidating gains after a notable rebound. The ongoing correction appears technical rather than sentiment-driven, as traders position for another upward impulse. Notably, some investors entered long positions earlier in the week, looking to add on minor dips should the price briefly retrace toward support levels.

Market observers emphasized that a smaller leg lower would align with the completion of a corrective wave labeled as wave 2, before the next impulsive sequence begins. Such structure often precedes renewed strength, provided support levels remain intact. The measured outlook aligns with broader market patterns seen across large-cap altcoins.

ETF Delay and Market Sentiment Outlook

The much-anticipated Solana ETF has faced a temporary delay due to the ongoing government shutdown in the United States. Despite the postponement, sentiment within the market remains stable. Investors are approaching the development cautiously, aware that the eventual approval may trigger a “buy the rumor, sell the event” reaction, a pattern often observed in major crypto listings and ETF launches.

Regulatory uncertainty remains, but the data and trading activity accessible on Solana suggests that both retail and institutional investors remain interested in the project. The fact that the price has been keeping at the psychological level of $200 reaffirms its short-term strength.

Since volatility has been moderate, the traders are still watching the critical resistance at $205.77 as far as a decisive breach can open the way to greater levels in the next sessions. The arrangement is an indication that the price movement of Solana is still positive, and the technical factors indicate the possibility of further recovery after the ongoing correction period is over.