TLDR
- SEC postpones Solana ETF decisions for major issuers including Bitwise, 21Shares, and Canary Capital until October 16
- New SOL addresses increased 51% since August 3, showing fresh retail demand entering the market
- Technical analysis shows SOL trading above 200-day moving average with RSI at 60, supporting further upside potential
- Solana surpassed Ethereum in 24-hour perpetuals trading volume, indicating heightened trader interest
- Analysts predict SOL could reach $500 target, representing 183% gain from current $195 price level
The U.S. Securities and Exchange Commission has extended its review timeline for Solana exchange-traded fund applications until October 16, 2025. The delay affects proposals from major financial firms including Bitwise, 21Shares, and Canary Capital.
Bloomberg ETF analyst James Seyffart confirmed the commission also postponed Marinade Finance’s SOL ETF application. The SEC stated it needs additional time to consider all aspects of the proposed rule changes.
This marks the final extension available to the commission under current regulations. The agency must provide a definitive decision on October 16, having exhausted all allowable delays.
The postponement follows a pattern of delayed approvals for crypto ETFs. The SEC previously extended deadlines for Grayscale, CoinShares, and Fidelity SOL ETF filings throughout the past year.
Despite regulatory delays, market experts remain optimistic about eventual approval. Nate Geraci, President of The ETF Store, told CNBC that several crypto ETFs will likely debut soon under the current regulatory environment.
James Seyffart also indicated SOL ETFs will likely receive approval by the October deadline. This reinforces growing confidence in regulatory approval despite current delays.
President Donald Trump’s pro-crypto administration has encouraged a wave of crypto ETF applications. However, while Bitcoin and Ethereum exchange-traded funds have received authorization, Solana ETFs await approval.
Strong On-Chain Metrics Support Bullish SOL Price Outlook
Glassnode data reveals a 51% increase in new Solana addresses since August 3. This surge indicates fresh retail investors are choosing SOL as their entry point into cryptocurrency markets.
The growth in new addresses suggests Solana remains the preferred choice amid renewed retail liquidity. This metric often correlates with sustained price momentum in crypto markets.
Institutional interest continues growing alongside retail demand. The number of wallets holding over 10,000 SOL reached a record 5,224.
This accumulation pattern suggests large investors expect continued SOL price appreciation. Whale buying typically indicates confidence in long-term price prospects.
Solana currently trades at $195 following strong weekly performance. The cryptocurrency has recorded gains on 17 of the past 30 trading days.
The consistent positive performance demonstrates sustained buying pressure. This trend supports analyst predictions for continued upward movement.
Solana Price Prediction
Daily RSI readings support additional upside potential for SOL price. The indicator sits at 60, well below the overbought threshold of 70 where bull runs typically stall.
The cooled RSI provides a stronger foundation for another price push. Technical analysts view this level as optimal for sustained momentum.
The MACD continues widening above its signal line, indicating sustained bullish momentum. Price action remains above the 200-day simple moving average, a key long-term bullish indicator.
SOL price is testing resistance at $207, the ceiling of an ascending triangle pattern formed since April’s market bottom. A break above this level would clear the path toward the previous all-time high of $300.
Technical analysts project a potential SOL price target of $500 if the breakout materializes. This represents a 183% gain from current price levels.
The $175 level provides support should selling pressure increase. This price point offers a potential reversal zone for buyers.
Solana has outperformed Ethereum in 24-hour perpetuals trading volume, demonstrating increased trader activity. The Fear and Greed Index reads 60, indicating confident investor sentiment regarding SOL price direction.
Crypto commentators have revised their Solana price predictions upward, with some setting near-term targets at $250. The combination of technical strength and growing on-chain activity supports these bullish SOL price forecasts.
