Solana is trading higher this week as investors anticipate the US Securities and Exchange Commission’s (SEC) decision on multiple spot Solana ETF applications.
The asset climbed 20% from its recent low, reaching $230 on Tuesday. Market optimism is growing ahead of the SEC’s final deadlines set for this week, with analysts expecting approval to trigger a sharp price breakout toward $345.
At press time, Solana was trading at $221.78, reflecting a modest 3.87% decline at the time of writing.
Source: CoinMarketCap
The SEC is reviewing nine spot Solana ETF filings from major firms, including VanEck, Canary, Fidelity, Grayscale, Franklin Templeton, Bitwise, and 21Shares.
Final decisions for the first batch are due Friday, while the remaining applications face reviews by October 16.
Crypto analyst and YouTuber Lark Davis highlights the crucial timing, stating, “Big week for Solana. The final deadline for spot $SOL ETF approval is just 4 days away.” He adds that approval chances remain high.
Bloomberg’s senior ETF analyst backs this outlook, estimating a 100% approval probability, citing the SEC’s recent adoption of generic ETF listing standards and leadership changes that favor regulatory clarity.
Source: X
Institutional demand could unlock new capital flows
Market confidence also reflects on Polymarket, where bettors place the odds of a spot Solana ETF approval in 2025 at over 99%.
Analysts argue that the SEC’s streamlined ETF process removes the need for individual asset rule changes, simplifying approval.
According to HODL Gentleman, approval could mark “a new chapter of institutional adoption” for Solana, opening the door for billions in inflows.
The launch of the REX-Osprey Solana Staking ETF (SSK) earlier this year supports this optimism, posting over $33 million in first-day trading volume.
Grayscale’s addition of staking options to its Solana products further reinforces investor confidence in the network’s long-term growth potential.
Technical patterns point toward $345 price target
On the charts, SOL forms two bull flag patterns, signalling a strong continuation of the bullish momentum. The smaller flag, that has been forming since September 25, suggests a breakout target near $290 once the token surpasses resistance at $233.
The larger pattern, that has been forming since early August, indicates a potential rally toward $345, representing a 50% gain from current levels.
Analysts like NekoZ share similar projections, pointing to a breakout above $260 as the next confirmation of trend strength.
Furthermore, with rising moving averages and bullish RSI levels, buyers maintain firm control as Solana enters a decisive week.
Some analysts, however, highlight that in case of a pullback, the first support level to watch is $209.59, which if broken could result in a further decline to the next support level at $196.11.