Following a massive Q3 performance, Solana (SOL) has kicked off “Uptober” with a bounce, attempting to reclaim a crucial area as support to continue its bullish rally. Some analysts have suggested that the cryptocurrency is ready to challenge the recent highs and enter a new price discovery phase. Related Reading: BNB Eyes New Highs As Price Reclaims $1,000 – Is A 30% Rally Coming? Solana Starts ‘Uptober’ In The Green After the recent market correction, Solana has started the new quarter with a 7.3% bounce from yesterday’s lows. Last week, the cryptocurrency fell from its recent highs and hit a local low of $190 after closing below the $200 support for the first time in nearly a month. Over the weekend, the altcoin reclaimed the crucial barrier and attempted to turn the $205-$210 area into support during the last two days of September. After closing the month around the $208 level, SOL’s price bounced 5.3% on Wednesday morning toward the $220 mark. Some market watchers previously noted that $218 level was the most important level for the cryptocurrency’s recovery, as the largest supply wall exists around this level. This level coincides with Solana’s $120-$220 macro range high. Analyst Crypto Jelle considers that SOL “is ready for its second expansion wave for the cycle” after months of re-accumulation, the September rally, and the successful retest of the breakout level. Amid today’s pump, the analyst affirmed that the cryptocurrency has “one last hurdle to overcome” before the rally to new highs begins. Per the post, once Solana turns the $250 level into support, the altcoins will be “in for a great end of the year.” Similarly, Altcoin Sherpa suggested that SOL will likely rally toward the $230-$235 area and above if Bitcoin (BTC) and the crypto market remain stable. Corporate Momentum, ETFs To Fuel Q4 Rally Solana’s momentum has been partially driven by growing corporate interest in the cryptocurrency, with SOL-focused Digital Asset Treasuries (DATs) pouring billions of dollars into the strategies over the past few months. On October 1, Nasdaq-listed VisionSys AI Inc. announced a $2 billion SOL-based treasury strategy in partnership with Marinade Finance, Solana’s leading staking protocol. The initiative aims to “strengthen VisionSys’s balance sheet, enhance liquidity, and create long-term shareholder value through the strategic acquisition and staking of Solana (SOL),” the announcement reads. Marinade Finance will serve as VisionSys’s exclusive staking and ecosystem partner, and the program’s first phase is set to acquire and stake $500 million in SOL within the next six months. Additionally, the pending approval of multiple crypto-based exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has raised expectations for an October rally. In August and September, the regulatory agency pushed its final decision deadline for multiple crypto investment products, including SOL-based ETFs, between mid-October and mid-November. Related Reading: Ethereum Ready For Round 2? Analyst Forecasts Early October Rally Amid $4,200 Retest On Monday, Senior ETF analyst Eric Balchunas affirmed that “the odds are really 100% now.” “Generic listing standards make the 19b-4s and their ‘clock’ meaningless,” he explained, adding, “That just leaves the S-1s waiting for formal green light from Corp Finance. And they just submitted amendment #4 for Solana. The baby could come any day. Be ready.” As of this writing, Solana is trading at $219, a 11.1% increase in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
After hitting a one-month low, Solana (SOL) has bounced from a critical support zone and is attempting to reclaim a crucial psychological barrier before potentially resuming its bullish rally. However, some analysts suggested that the cryptocurrency could retest new lows if the market volatility persists. Related Reading: SUI Retest Ascending Triangle Support Amid 8% Drop – Bounce Or Breakdown Next? Solana Price Retest Major Support On Thursday, Solana lost the $200 level as support after closing the day below this level for the first time in nearly a month. The cryptocurrency has been trading inside the $120-$220 price range since early February, finally breaking out of this range in mid-September. A week ago, the market’s bullish momentum and strong corporate treasury purchases pushed SOL’s price to an eight-month high of $253, leading many investors to anticipate the long-awaited rally to higher levels. However, this week’s pullbacks have sent most cryptocurrencies below crucial levels, with Bitcoin and Ethereum dropping to $108,000 and $3,800, respectively. Meanwhile, Solana has seen a 20% decline in the weekly timeframe, losing the $200 level. Analyst Sjuul from AltCryptoGems asserted that SOL was “in freefall after that nasty deviation back into the range.” If Solana fails to hold the current $190-$200 range, the analyst considers it would be “very difficult” to find strong support before the demand zone around $150, a level not seen since the start of July. Similarly, market watcher Wise Crypto also noted that Solana could be in a make-or-break retest, as it retests a critical support zone and the overall market still shows some signs of weakness. According to the post, SOL has been trading within an ascending channel since April, bouncing between the upper and lower boundaries throughout this period. If the market’s recent volatility continues, the cryptocurrency could retest the channel’s support zone, around the $177-$188 levels. “If this zone breaks, the next major support is down below $150 — so caution is key,” they added. SOL Bounce Eyes $200 Reclaim Despite the volatility, Wise Crypto also signaled that “Stochastic RSI is signaling oversold conditions, suggesting a potential bounce could be on the horizon.” As a result, if SOL holds this support area, a move toward the $250 barrier could follow. As Solana approached its major ascending trendline, Crypto Batman noted that SOL has bounced from this level each time it has retested it, suggesting that “In the midst of chaos, you have to look at things from a different perspective.” Notably, SOL bounced from the recent lows on Friday Morning and is currently attempting to break above the $200 psychological barrier. Nonetheless, the cryptocurrency must daily close above this key level and continue to hold it over the weekend to transform the pullback into a downside wick deviation in the weekly timeframe. Related Reading: Avalanche (AVAX) Price Holds Key Support, But Analyst Warns Rally Could Be At Risk Ted Pillows added that if this level is reclaimed, the $208-$210 area, near the 10-day Moving Average (MA), would be the next target. According to the market watcher, reclaiming and holding above that level would be the first bullish sign, which could potentially push Solana’s price toward $216–$220, near the 30-day MA. As of this writing, SOL trades at $199, a 1.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Solana (SOL) could be near the long-awaited price discovery phase after climbing to a seven-month high. However, an analyst suggested investors remain cautious, as the market rally is “closer to the end than the beginning.” Related Reading: Avalanche (AVAX) Hits 7-Month High After Key Resistance Breakout – Analysts Eyes $40 Next Solana Eyes Last Major Resistance On Friday, Solana reached a seven-month high of $241.84 after breaking out of its consolidation range earlier in the week. The cryptocurrency had been trading within the $120-$220 price range since the start of February, failing to reclaim the range’s high during the recent short-term recoveries. The ongoing rally has sent the cryptocurrency past multiple crucial barriers, “getting close to the final resistance,” analyst Crypto Jelle stated. He highlighted that SOL has been “quietly pushing higher, without anyone paying attention,” climbing 20% since Sunday. Now that the altcoin is attempting to reclaim the $240 area as support, the analyst pointed out that Solana has “one last hurdle to overcome” before price discovery. According to the post, if SOL reclaims the $250 level, “the sky is the limit,” as this area has been a crucial macro resistance level over the past two years. To the analyst, turning this level into support could set the base for a rally to $600. Similarly, analyst Ali Martinez suggested that SOL’s main target sits at around the $1,314.41 level after the altcoin broke out of a massive three-year cup and handle pattern. Nonetheless, Altcoin Sherpa issued a warning to investors on X, stating that “Now is NOT the time to ape in gigantic.” He asserted that despite thinking that Solana, Ethereum (ETH), and BNB “generally go higher from here, (…) the bulk of the move is done for these.” The analyst explained that he will remain bullish “until shown otherwise,” and expects a great performance in the coming months, but noted that the bull run is “closer to the end than the beginning.” “We are lucky that the marginal buyers are Tradfi with these DATs but with Saylor not buying as much, hard to tell where the next set of flows come from,” he stated. ‘SOL Season’ Momentum Grows Bitwise’s CIO Matt Hougan recently forecasted a bullish Q4 rally for Solana, affirming that the cryptocurrency has “all the ingredients (…) for an epic end-of-year run.” He suggested that it could start a “Solana Season” fueled by exchange-traded funds (ETFs) and strong corporate treasury purchases. Notably, multiple spot Solana ETFs are awaiting the approval of the US Securities and Exchange Commission (SEC) after the regulatory agency delayed the decision deadline last month. As a result, issuers and investors are expecting a positive outcome around the first half of October. Additionally, the recently launched Solana Treasury company, Forward Industries Inc., announced it had successfully closed its private investment in public equity (PIPE) financing on September 11, securing gross proceeds of approximately $1.65 billion for the Company. As reported by NewsBTC, Galaxy Digital, Jump Crypto, and Multicoin Capital announced their plan to establish the SOL treasury company to purchase the cryptocurrency, stake it, and generate excess returns. Related Reading: Bitcoin Breakdown Averted? Analyst Says This Level Will Determine BTC’s Fate “Forward Industries intends to use the net proceeds from the offering primarily to purchase SOL, the native digital asset of the Solana blockchain,” the company reaffirmed in its Thursday statement. As of this writing, SOL is trading at $239.86, a 6.1% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As Solana (SOL) taps the $225 barrier, Bitwise’s CIO forecasted that a bullish Q4 rally might be brewing for the altcoin if it follows Bitcoin (BTC) and Ethereum’s (ETH) recipe. Related Reading: Bitcoin Breakdown Averted? Analyst Says This Level Will Determine BTC’s Fate Solana To Follow BTC, ETH’s Recipe? On Tuesday, Matt Hougan, CIO at Bitwise, affirmed in a new memo to clients that the recipe for strong returns has been clear over the past 18 months: “Take one part ETP inflows, add strong corporate treasury purchases, and voilà—you get big returns.” Hougan explained that BTC followed this recipe since January 2024, while ETH discovered the same formula in April 2025. “It’s no surprise that the recipe works. It’s classic supply and demand,” he stated, adding that “all the ingredients are there for an epic end-of-year run for Solana.” As the CIO highlighted, multiple issuers, including Bitwise, Grayscale, and VanEck, have filed to launch spot SOL exchange-traded products (ETPs), which are expected to be approved at the start of Q4. As reported by NewsBTC, the US Securities and Exchange Commission (SEC) announced last month that it had pushed back its decision on Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital’s spot SOL exchange-traded funds (ETFs) for two months, pushing it to October 16, 2025, “meaning we may have multiple issuers pushing spot Solana ETPs in Q4.” Meanwhile, three major firms, Galaxy Digital, Jump Crypto, and Multicoin Capital, recently secured $1.65 billion in cash and stablecoins to launch a publicly traded SOL-focused treasury company, Forward Industries, to purchase SOL, stake it, and generate excess return. Hougan also noted that Forward Industries named Kyle Samani, who has been among the cryptocurrency’s most consistent promoters, as chairman. To Bitwise’s CIO, if Samani can “carry the Solana message” like Michael Saylor and Tom Lee have done with Bitcoin and Ethereum, it will help drive investor demand. SOL’s Secret Ingredient Hougan pointed out that the existence of ETPs and treasury companies does not guarantee demand, adding that there must be fundamental reasons for investors’ interest in those vehicles. “Solana is an Ethereum competitor,” he asserted, “it’s a programmable blockchain designed to host stablecoins, tokenized assets, and decentralized finance applications, among other things.” The blockchain recently approved a major technical upgrade that will make it one of the fastest networks in the world. Additionally, it is also third in stablecoin liquidity among programmable blockchains and fourth in tokenized assets, recording rapid growth in this sector. Nonetheless, he argued that there’s a key difference between SOL and the two leading cryptocurrencies. While Bitcoin’s market capitalization sits around $2.2 trillion, and Ethereum’s is near the $530 billion mark, Solana’s market capitalization is around $120.8 billion, 1/20th the size of BTC and less than 1/4th the size of ETH. “Scaled for the size of the blockchain, a relatively small amount of flows into Solana could significantly impact prices,” Hougan explained. Related Reading: Worldcoin Jumps 42% Following Eightco’s Announcement Of First WLD Treasury Strategy He detailed that Forward Industries’ $1.6 billion purchase of SOL shares would be the equivalent of $33 billion in BTC purchases, noting that this could be slightly offset by Solana’s higher annual inflation rate of 4.3%, versus Bitcoin’s 0.8% and Ethereum’s 0.5%. “The setup is still attractive,” he concluded, suggesting that investors keep their eyes on Solana in the coming months. As of this writing, Solana is trading at $222, a 5.1% increase in the weekly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com