- Solana (SOL) price reclaims $186, consolidating after the recent market crash.
- Analyst ‘BitGuru’ sees potential for $210-$220 if SOL breaks the key $195 resistance level.
- Hong Kong’s first Spot Solana ETF approval adds a bullish catalyst ahead of its Oct 27 launch.
Solana (SOL) price pushed back above $186 (as of October 23), showing signs of recovery alongside Bitcoin’s move above $109K. However, like BTC, SOL has also been mostly range-bound since the market crash earlier in October.
Analyst BitGuru shared a four-hour SOL chart showing the asset in a clean downtrend but holding firm support around $180. He noted that the market is showing signs of a potential reversal with buyers slowly stepping in.
“A breakout above $195 could open doors toward $210–$220 in the short term,” said BitGuru.
BitGuru’s chart shows a recent shift from a steep decline near $253 into a consolidation range between $170 and $200. A shaded zone marks heavy selling pressure in earlier sessions, followed by a “Bullish Beauty” phase, where buyers began reclaiming control.
Related: Netcoins Picks SOL Strategies for Regulated Solana Staking in Canada
Although the market still faces resistance at $220–$230, the projected curve upward suggests a possible rebound if support holds.
SOL Price Analysis: Levels SOL Must Break for a $250 Retest
On the weekly chart, Solana continues to follow a well-defined uptrend that began in mid-2023. After forming a long-term base from its post-2021 crash lows, the asset now faces a decisive resistance near $250, an area that has historically triggered strong selling pressure.
A confirmed breakout above $250 could reignite the broader bullish cycle and potentially retest the all-time highs above that level. However, rejection may lead to a retest of trendline support near $180 or even a pullback toward $150.
Indicators such as the Bollinger Bands and the Accumulation/Distribution line suggest that investor confidence remains intact, even as volatility picks up. The 20-week moving average still trends upward, indicating ongoing buying momentum.
Hong Kong Solana ETF Approval Boosts Sentiment
With a $101 billion market cap, SOL remains the sixth-largest cryptocurrency, as per CoinMarketCap, as investors’ demand continue to rise with the approval of Hong Kong’s first Solana Spot ETF, a move that extends the region’s crypto offerings beyond Bitcoin and Ethereum.
The ChinaAMC Solana ETF (03460) will debut on the Hong Kong Stock Exchange on October 27. It will trade under three currency counters, HKD (3460), RMB (83460), and USD (9460), with each lot representing 100 SOL.
For now, the $195–$200 range remains a critical short-term resistance for SOL to clear before any move toward $250 becomes realistic. If buyers can sustain momentum and broader market sentiment improves, analysts believe Solana could challenge this psychological barrier before Halloween.
Related: XRP and Solana Front 155 ETF Filings as SEC Backlog Grows
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