Can SOL rise again this round? Can it reach $300 each?
Institutional funds are the most important support force for SOL in this round. The open interest of Solana futures on the Chicago Mercantile Exchange (CME) reached a historical high of $2.16 billion at the beginning of October, while the total assets under management of Solana's exchange-traded products (ETP) also broke through $500 million. This indicates that large investors are actively positioning themselves, and their actions are usually more forward-looking.
Next, we need to pay close attention to several events regarding whether Solana can rise:
1. The market has expectations for the approval of Solana's spot ETF, which, if realized, will bring huge liquidity. However, there is uncertainty regarding the ETF approval results, and if not approved, it could dampen market sentiment. The U.S. Securities and Exchange Commission (SEC) decision on Solana's spot ETF approval is the biggest potential catalyst in the near term. The market has high expectations for this; if approved, it will attract a massive amount of traditional financial capital, replicating the excitement seen after the approval of Bitcoin and Ethereum ETFs.
2. Market breadth: A healthy bull market requires sector rotation. You need to observe whether the funds can effectively rotate into other DeFi, Meme coins, and other projects within its ecosystem after SOL breaks through, creating a comprehensive ecological prosperity, rather than just SOL shining alone.
3. Besides SOL itself, the health of its ecosystem is also crucial. Pay attention to fundamental indicators such as DeFi TVL and the number of active developers.
4. If SOL can continue to break through and stabilize above 215, it will greatly enhance market confidence, opening up space for a rise to the next resistance level of $237 - $253.
Reaching $300 for SOL in 2025 is a widely accepted target in the market. The path to achieving this may be divided into two steps: First, it needs to successfully break through the resistance zone around $250, and then, leveraging ecological development and potential ETF benefits, launch an attack towards $300.
