Solana (Sol) rocked the swift sale to $205 on Tuesday, rebounding beyond $209 to $216 as facility-sized wallets scooped the DIP while facility-sized wallets were falling. The slide coincided with shutting down jitter beyond risky assets, but the code quickly reflected the stock's daytime recovery.
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The Order Flow Dashboard (CVD pinned to a bucket of $1 million to $10 million) shows that professional buyers are adding weakness.
Sol's prices are an advantage of daily charts. Source: solusd on tradingView
SolanaETF speculation keeps the Bulls optimistic ahead of October 10th
Solana's next major milestone is expected to arrive on October 10th, when the SEC is expected to determine some spot Solana ETF applications. The report suggests that regulators have asked some asset managers to withdraw applications related to certain altcoins, but analysts argue that this is more of a procedural move than a denial.
Already called “Cointober,” October believes it will be possible to see progress in multiple Crypto ETFs, reflecting the pattern that encouraged Ethereum's breakout earlier this year. This ongoing ETF story, combined with a rapid recovery from Solana's volatility, helped to maintain strong bullish feelings between traders and institutions.
On-chain tug-of-war: Veterans benefit and newcomers keep the line
Beneath the surface, the Solana holder base is split. It is growing vibrant, suggesting that long-term holders (LTHS) are gaining strength after a three-month upward trend.
At the same time, owners for one to three months now control about 14.4% of the supply, the highest in five months, indicating a growing short-term conviction. The “Old Guard vs Fresh Capital” dispute effectively maintains prices that surpass the upward trend, even if there are profitable episodes.
Institutional flows remain an important factor. Advances ETF decisions will be held among market participants about asset manager positioning, and combined with ongoing builder activities at Solana Defi to support stable medium-term demand. As Bitcoin's advantage decreases, high beta L1S like SOL attracts additional flows.
Will Solana beat the $214 resistance and target $232?
Technically, Sol regained its median range each week after a flash crash, showing underlying strength. Immediate support is $206. Breaking underneath the door will be $200, weakening the bullish trend for three months.
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The advantage is $214 and $221 are short-term barriers. On top of both, it could lead to a $232 target that multiple traders have flagged. Beyond that, the larger pattern resembles ETH's $4,000 breakout, with $270 serving as the next major resistance if momentum recovers before and after the ETF decision.
ChatGpt cover image, SolUSD chart for TradingView
