Solana Under $200: Can It Break $218 Resistance Before October’s ETF Decision?

Solana ($SOL) is at a critical juncture as traders and investors closely monitor its price levels and potential institutional ￰0￱ a recent pullback, the cryptocurrency now hovers near $196, reflecting a 3.98% drop in the past 24 hours and a 20.09% decline over the ￰1￱ emphasize that Solana’s near-term trend largely depends on overcoming resistance zones while maintaining strong support ￰2￱ Resistance at $218 Ali Martinez, a market analyst, highlights $218 as a major supply wall for ￰3￱ UTXO Realized Price Distribution (URPD) chart indicates nearly 29 million SOL were acquired around this level, representing 4.8% of total ￰4￱ concentration creates a cluster of potential sellers seeking to break even, potentially triggering profit-taking if the price approaches $218.

Below this zone, Solana enjoys strong support between $165 and $180, where large volumes were previously ￰5￱ bulls can break past $218, the path toward $238–$250 opens, offering lighter resistance. Conversely, repeated rejections may reinforce consolidation and pressure Solana downward.) sits deep in oversold territory, suggesting a possible bounce if $194 ￰6￱ combination of technical support and oversold momentum makes the current price zone a watch area for traders anticipating a short-term recovery. Consequently, a successful rebound could set the stage for renewed upward momentum toward higher resistance ￰7￱ Interest and ETF Impact Beyond technical trends, Solana could gain significantly from institutional ￰8￱ Capital notes that institutions currently hold less than 1% of Solana’s supply, compared to 16% of Bitcoin and 7% of ￰9￱ Grayscale spot ETF approval on October 10 could dramatically boost institutional participation, providing direct exposure to ￰10￱ applications from Bitwise, VanEck, and others await SEC review through October 16.