- SOL consolidates near $230 after rejection at $237, with key resistance around $234–$237.
- Institutional demand strengthens as ETF approval odds rise to 100%, boosting market optimism.
- Analysts project potential rally toward $270 if Solana sustains momentum above the $234 level.
Solana (SOL) recorded an impressive run toward $237 before encountering rejection, leading to a strong correction phase. The asset now trades within a key support–resistance zone around $230, where consolidation continues. A breakout above $234 could spark renewed bullish momentum, while holding this level would keep buyers in control of the short-term trend.
Solana Maintains Stability Within Key Support–Resistance Zone
According to market data from CoinGecko, Solana traded at $231.25, up 0.9% in the past 24 hours. The trading range between $224.69 and $236.68 confirms steady market volatility. The market capitalization stands at $126.67 billion, with a daily trading volume of $6.98 billion, reflecting consistent liquidity across exchanges.
BitGuru noted that “SOL ran toward $237 before facing rejection, followed by a strong correction. Now it’s consolidating around $230 within a key support–resistance zone.” The four-hour chart shows that SOL advanced sharply during early October before retracing toward $190. Buyers later regained control, pushing prices above $220 and stabilizing near the $230 range.
Current movement remains confined between $225 and $240, forming a narrow but decisive structure. The upper boundary near $234–$237 represents resistance, while support lies around $225–$228. The rally may continue with a confirmed break above $234 and the retest of $237. However, a failure to maintain $230 support could invite renewed pressure toward $220.
Institutional Interest and ETF Developments Support Solana’s Outlook
Bloomberg analyst Eric Balchunas raised Solana ETF approval odds from 95% to 100%. The final decision date is expected on October 10. This development has driven optimism among investors, as institutional inflows continue increasing through CoinShares data.
Whale Alert reported that over 400,000 SOL, worth approximately $92 million, were transferred from Binance to a private wallet, signaling active accumulation. CoinShares flow data also indicates growing institutional demand ahead of the potential ETF launch.
According to analysis prepared by CryptoPulse, Solana shows signs of revisiting the $210 zone before a possible continuation toward a new all-time high. To date, Solana has been one of the best-performing cryptocurrencies with the currency being highly technical and stable in its current trading format.
