Solana Breaks $220 Amid ETF Frenzy – Can the Rally Continue or Will a Correction Hit?

Solana (SOL) is once again in the spotlight. Its price has surged past the $220 mark, reaching a daily high of $226.7, marking its strongest rally in weeks. At the time of writing, SOL trades at $225.39, reflecting a 7.62% daily gain and a 6.86% increase over the past week.

ETF Optimism Fuels Solana’s Rise Market sentiment is firmly bullish. The daily chart shows a strong green candle breaking past previous resistance, backed by high trading volumes. Technical indicators confirm the strength of the trend: RSI at 54.71 signals growing momentum with room for further upside before entering overbought territory.MACD is approaching a bullish crossover above the signal line, adding another positive sign. The rally is largely driven by expectations of an approved Solana ETF. Bloomberg analyst Eric Balchunas recently raised the probability of approval to 100%, citing newly adopted SEC listing standards. These simplified rules have removed many of the traditional hurdles that previously slowed down ETF approvals.

Key Deadlines: First Decision Coming October 10 Several major asset managers, including Franklin Templeton, VanEck, and 21Shares, have filed applications for a Solana ETF. Some issuers have already submitted revised filings in line with the SEC’s updated guidance. October 10: first deadline for Grayscale’s SOL ETFOctober 16: most other pending applications If approved, the ETF could attract fresh capital inflows and push Solana’s price toward new all-time highs.

What’s Next for SOL? For the rally to continue, buyers need to overcome resistance at $230. A successful breakout could open the door to the $240–$245 range, last seen in September. On the downside, the $220 level now serves as the first line of support, with stronger demand expected near $210 if profit-taking intensifies. While momentum is clearly strengthening, much of this rally hinges on ETF approval for Solana. A green light could propel SOL to new heights, but any delay could trigger a short-term correction.

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