SOL price needs to hold the $217–$220 support zone for a sustained move upwards as the Grayscale Solana ETF faces an SEC decision on Oct. 10.
SOL SOL $220.8 24h volatility: 1.1% Market cap: $120.67 B Vol. 24h: $6.95 B , the native cryptocurrency of Solana, is once again under the grip of broader market volatility. SOL price is now testing a crucial support at $220, and faces a make-or-break situation. On the other hand, optimism around the Solana ETF is growing as digital asset manager Grayscale files for an S-1 amendment for its Grayscale Solana Trust (GSOL).
SOL Price Tests a Crucial Support, Will a Rebound Follow?
Over the past month, SOL price has seen strong volatility and has oscillated in the range of $190 and $250. With almost nil returns over the past month, Solana is once again trading at a crucial support level at $220.
Crypto analyst Ali Martinez said that the $217 level will be a key pivot point for Solana. This will determine whether the cryptocurrency rebounds higher or faces a potential breakdown. Martinez noted that price action around this zone will likely set the tone for Solana’s next major move.
$217 will decide whether Solana $SOL rebounds or breaks down! pic.twitter.com/woo51tGpYy
— Ali (@ali_charts) October 10, 2025
Crypto analyst BitGuru noted that SOL price is showing a bullish pattern formation following a healthy pullback, signaling potential upside momentum. The analyst highlighted that SOL is holding firm around the $220 level, adding that a breakout above the $240 resistance zone could open the door for a move toward $253. However, as per the image below, if SOL slips under $200, the next stop could be at $190.
$SOL showing a change of pattern as it forms a bullish structure after a healthy pullback.
Price is holding strong around $226, and if it breaks above the $240 resistance zone, we could see a move toward $253 next. Momentum is building. pic.twitter.com/hMp1RZgjb4
— BitGuru 🔶 (@bitgu_ru) October 9, 2025
Grayscale Solana ETF Awaits Approval
The US Securities and Exchange Commission will take a final call on the Grayscale Solana ETF (GSOL) expected on Oct. 10. The crypto asset manager has disclosed plans to charge a 0.35% management fee for the proposed fund, according the SEC filing.
Grayscale is awaiting SEC approval to list GSOL on NYSE Arca, though the process has been delayed amid the ongoing US government shutdown. Earlier this week, Grayscale also partnered with Figment for institutional staking for Solana.
Banking giant JPMorgan estimates that Solana exchange-traded funds (ETFs) could attract approximately $1.5 billion in inflows within their first year of trading. Matt Hougan, Chief Investment Officer at Bitwise, said traditional finance (TradFi) investors are becoming increasingly bullish not only on Bitcoin but also on Solana.
Hougan added that Solana ETFs are expected to launch within the next few weeks, with expectations of strong investor demand and inflows once trading begins.
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