Recent developments surrounding Solana have raised concerns among investors as the token's price has decreased amid delays in SEC's ETF decision.
Impact of ETF Delay on Solana Market
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on seven Solana ETF applications, including filings from Grayscale and Bitwise. The new deadline is set for October 16, 2025. This postponement creates instability for traders and institutions expecting approval. According to Polymarket, approval odds for a Solana ETF in 2025 have dropped to 75%. This has sparked uncertainty and some unwinding of positions that were built on expectations of earlier approval.
Technical Analysis and Support Levels
Technical analyst Ali noted that Solana faces significant resistance around $200. He suggests two possible entry points for investors: a dip buy near $176 or a breakout confirmation above $207. In either scenario, the longer-term target remains at $300. The current situation on the 30-minute chart shows SOL struggling to maintain stability after dipping from recent highs above $210.
Market Environment and Future Prospects for Solana
Despite short-term weakness, Solana continues to attract attention due to its strong ecosystem growth in NFTs, DeFi, and gaming. Traders are now closely watching whether SOL can defend its ascending support line and avoid a deeper correction. Key dates ahead include September 18 when the Fed announces its next rate decision, and October 16 when the SEC must respond to pending ETF filings. Any positive updates could help SOL reclaim bullish momentum, but uncertainty remains elevated until then.
The current situation surrounding Solana underscores mixed feelings in the market and the necessity for flexibility among investors. The anticipation of the SEC's decision on the ETF and other economic factors will shape the token's near-term price dynamics.
