Solana Price Stays Below $210 as ETF Approval Odds Reach 99%
Solana's price has increased by 23% over the past month but has stalled below $210. Currently trading at $206.8, it shows an intraday range of $206.2 to $212.4, with a key support level at $197-$200 and resistance at $215-$220. A breakout above $215 could lead to targets between $236 and $260.
The bullish outlook hinges on the upcoming Alpenglow upgrade, aimed at enhancing scalability and block finality, reducing finality times to about 150 milliseconds.
Concerns exist if Solana fails to maintain support in the $206-$200 range, potentially leading to declines toward $190-$186 or lower to $180.
ETF Developments
- Optimism around the approval of a spot Solana ETF is increasing.
- The SEC has requested updated S-1 filings, indicating progress, with potential approval as early as October.
- Polymarket reports a 99% probability of Solana ETF approval.
- Approval may result in significant institutional inflows, boosting SOL prices.
In related news, Galaxy Digital has tokenized its SEC-registered equity on the Solana blockchain, marking a significant milestone in merging traditional finance with blockchain technology.