Solana Surges 7.3% in October, Eyes $250 Support Level
Solana (SOL) is experiencing a strong start to October, with its price rebounding 7.3% from recent lows. The cryptocurrency aims to transform the $205-$210 range into a support level after recovering from a dip below $200.
- After closing September around $208, SOL saw a 5.3% increase, aiming for the $220 mark.
- The $218 level is critical for recovery, coinciding with Solana's macro range high of $120-$220.
- Analysts predict a potential rally if SOL turns the $250 level into support.
- Market stability, especially in Bitcoin, could drive SOL towards $230-$235.
Corporate interest and pending ETF approvals are fueling Solana's momentum:
- VisionSys AI Inc. launched a $2 billion SOL-based treasury strategy, partnering with Marinade Finance to enhance liquidity and shareholder value.
- The SEC's decision on crypto ETFs, including those based on SOL, is anticipated between mid-October and mid-November.
- Senior ETF analyst Eric Balchunas indicates a high likelihood of imminent approval.
Currently, Solana trades at $219, marking an 11.1% monthly increase.
