$SOL After the market's widespread decline last Friday, it not only steadied but also strongly rebounded, rising about 10.6%, quickly approaching the $200 mark. At this point, some may wonder: Has SOL's short-term bottom really been confirmed? My view is that the short-term trend has indeed strengthened, but the real test is just beginning.
Can SOL really initiate a new upward trend? I believe we need to pay attention to two things next:
Can it successfully break through the resistance zone of $200-215? If it can break through with volume, the next target may look toward $230, and there might even be a chance to challenge $245.
The approval results of the spot ETF: October is a key window for the SEC to approve the spot Solana ETF, with the final decision dates for multiple applications concentrated in mid-October. If the ETF is approved, it will undoubtedly bring huge institutional funds and confidence to SOL, and the current market expectations for approval are relatively optimistic.
Of course, the market has never been one-sided.
The impact of the overall market environment: The trend of SOL is strongly correlated with mainstream cryptocurrencies like Bitcoin. If Bitcoin performs poorly, it will be difficult for SOL to stand out on its own.
The shadow of historical issues in the network: The Solana network has experienced congestion and even outages in the past. Although the development team has been working hard to optimize, if such issues occur again, it will still undermine market confidence.
In short, I believe that Solana has indeed shown signs of stabilization above the 180 area, and the possibility of forming a short-term bottom is increasing. However, it is far from a time to be complacent; the outcome of the 200 level is crucial. If everything goes smoothly, the upside potential for SOL will be opened again.
