Solana Price Tests $190 Support as Analysts Predict 100% Breakout Despite ETF Delay
Solana (SOL) is once again at a decisive turning point in its bullish trajectory. Despite facing pressure from a broader cryptocurrency market pullback, analysts remain optimistic that the Ethereum rival could be preparing for a major breakout toward new all-time highs (ATHs).
Bitcoin and Ethereum Lead Market Volatility
Earlier this week, the crypto market witnessed a dramatic surge as Bitcoin (BTC) soared to a fresh all-time high of $124,000, while Ethereum (ETH) climbed to a multi-year peak of $4,788. These gains reignited bullish sentiment across altcoins, including Solana.
However, enthusiasm was quickly dampened. Stronger-than-expected macroeconomic signals and the U.S. government’s decision not to include Bitcoin in its Strategic Reserve triggered a market-wide sell-off. Within hours, most major tokens saw double-digit losses.
Solana, which had just rallied to an eight-month high of $209, corrected sharply, dropping nearly 10% and retesting its $190 support level.
SEC Delays Decision on Solana Spot ETFs
Adding to the volatility, the U.S. Securities and Exchange Commission (SEC) announced on Thursday that it would delay decisions on several Solana Spot ETF applications.
The SEC cited the need for “additional time to evaluate the proposed rule change and the issues raised therein.” This delay pushes the final decision deadline for ETF filings by Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital to October 16, 2025.
While delays are often perceived negatively, Bloomberg ETF analyst James Seyffart clarified that the move is “standard procedure” and not a rejection. He expressed confidence that the SEC will approve Solana Spot ETFs by mid-October “at the latest.”
Despite this reassurance, the news weighed on SOL’s short-term price action. The token fell to $188 before bouncing back and stabilizing in the $184-$186 range throughout Friday.
Key Technical Levels: $180 Support Remains Crucial...
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