Solana has been in Ethereum’s shadow since late May, with the latter proving more attractive to institutional investors. However, Solana price rose to two-week highs of $167 on Wednesday, staying on course to record the sixth successive daily gain. Solana investors are holding on to hope that an impending spot ETF approval could spark an uptick of institutional purchases and help it compete favourable with Ethereum.
Despite gaining 6% in the last week, Solana price is still below the 200-day Simple Moving Average (SMA) level, which is at $175 as of this writing. However, it trades above the Volume Weighted Moving Average (VWMA) on the daily time frame, raising the prospect of reclaiming the $170 support the level and build traction to stay on the upside.
The Securities and Exchange Commission (SEC) has until October 10 to make a decision on seven Solana spot ETF applications currently before it. That means there’s still some time before the ETF momentum kicks in. That said, the SEC’s move to request for updated S-1 forms from potential issuers within a week hints at a potential fast-tracking of the ETF applications.
Bloomberg Intelligence analyst, James Seyffart estimates that the SEC’s decision could come before the end of July 2025. Bloomberg currently has a 90% chance of Solana spot ETF approval. Meanwhile, meme coins have been on a strong uptrend in the last week, and that could translate to additional support for Solana price thanks to increased utility in settling meme coin transactions.
Solana Price Prediction
The momentum on Solana price calls for further upside if action stays above $163. That momentum will likely meet initial resistance at $166. However, an extended control by the buyers will break above that level and potentially test $168.
Alternatively, breaking below $163 will invite the sellers to take control. That will likely see the first support established at $161. The upside narrative will be invalid below that level. Also, an extended control by the sellers could extend the downside and send the price to test $158.
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