Solana (SOL) Eyes $360: Analyst Remains Bullish Despite ETF Delay
Solana Primed for Potential $360 Rally
Solana (SOL) is showing renewed signs of strength, currently trading around $193.67. Market participants are closely watching a key resistance level that could dictate the next major price movement. According to one analyst, a short-term pullback could present a final buying opportunity before a significant upward trend.
Analyst Ali highlighted in a recent X post that SOL might retest ascending trendline support before attempting a multi-stage breakout.
Key Price Levels to Watch
The daily chart shows SOL consolidating near $210, a historically significant resistance level. A successful breach of this resistance could pave the way for:
- $250
- $310
- Ultimately, $360
However, failure to overcome this resistance could see the price retreat to the $175 area for re-accumulation. The ascending triangle pattern on the daily timeframe suggests increasing bullish pressure.
The presence of higher lows since April supports the bullish momentum, with dips being aggressively bought. A decisive breakout is anticipated to generate substantial volume, reinforcing the analyst's optimism for a near-term test of upper resistance levels.
Traders should exercise caution, especially given upcoming macro events. Breakouts lacking strong volume confirmation could face swift reversals. Many are awaiting a confluence of technical and fundamental catalysts before committing to aggressive positions.
SEC Delays Solana ETF Decision
The U.S. SEC has delayed its ruling on the Bitwise Solana ETF and the 21Shares Core Solana ETF until October 16, 2025. This delay postpones the potential for wider institutional access to Solana.
An approved spot SOL ETF would enable conventional brokerage accounts to offer Solana exposure, potentially unlocking new liquidity sources. However, the postponement introduces uncertainty, which could dampen short-term enthusiasm.
Market reactions typically hinge on ETF-related developments, making the October ruling a critical catalyst. A positive outcome could amplify any technical breakout, while further delays or rejection could trigger profit-taking.
In summary, Solana's price outlook remains bullish, with a $360 target still achievable if technical and regulatory conditions align. A breakout above $210 could accelerate momentum towards significant Fibonacci levels. The ETF ruling delay introduces short-term uncertainty.