Usman Salis
After getting hammered last week and dropping below $190, Solana's showing signs of life again. The token's up roughly 6.6% in the past day, sitting at $205.36 right now according to crypto.news data. Sure, it's still way off that $250 peak we saw recently, but the bounce suggests buyers are starting to come back.
What's driving this? Two things: fresh excitement around Solana ETF filings and some serious institutional buying. These aren't just rumors - real money's moving, and it's got traders paying attention again.
Solana (SOL) ETF Race Heats Up Before October Deadline
VanEck just dropped an updated filing for a Solana Staking ETF with a 0.30% fee, and people are buzzing about it. The SEC's supposed to make its first call on a Solana ETF by October 16, 2025 - that's less than a year out, and suddenly this feels real.
VanEck's not the only one in the game either. Bitwise, Fidelity, Franklin Templeton, CoinShares, and Grayscale have all submitted their own applications. When you've got that many big names lining up, it tells you something about where institutional interest is heading.
$50 Million Solana Purchase Signals Growing Corporate Adoption
Here's where it gets interesting. Solana treasury company Solmate just bought $50 million worth of SOL - straight up, no hesitation. They announced this as part of their September strategy, and they're clearly not messing around. This follows a pattern we've been seeing where companies are treating SOL like a legitimate treasury asset.
Right now, Solana digital asset treasury firms are sitting on 20.12 million SOL total - that's about 3.5% of all tokens in existence. Forward Industries leads the pack with 6.822 million SOL, and Solana Company's holding 2.2 million. Sharps Technology, DeFi Development Corp., and Upexi each have over 2 million stashed away too. When companies commit to long-term holding like this, it usually props up the price and gives other investors more confidence.
Can Solana (SOL) Price Break Through Key Resistance Levels?
Technically speaking, things are looking better but not perfect. The RSI's at 46.82 - creeping toward that neutral 50 mark but not quite there yet. The Chaikin Money Flow is showing +0.23, which means money's flowing in even though trading volume's been pretty quiet.
For this to turn into a real reversal and not just a dead cat bounce, SOL needs to crack $210 and hold it. Better yet, it needs to push back into that $220–$225 zone. Until that happens, we might just be looking at a temporary relief rally before another leg down.
With the ETF decision coming up and institutions clearly accumulating, the next few months could be make-or-break for Solana. The $205 level's holding for now, but the real test is still ahead.
Usman Salis
