Solana (SOL) ‘Uptober’ Begins With $220 Retest – Is It Ready For Second ‘Expansion Wave’?

Following a massive Q3 performance, Solana (SOL) has kicked off “Uptober” with a bounce, attempting to reclaim a crucial area as support to continue its bullish ￰0￱ analysts have suggested that the cryptocurrency is ready to challenge the recent highs and enter a new price discovery ￰1￱ Reading: BNB Eyes New Highs As Price Reclaims $1,000 – Is A 30% Rally Coming? Solana Starts ‘Uptober’ In The Green After the recent market correction, Solana has started the new quarter with a 7.3% bounce from yesterday’s ￰2￱ week, the cryptocurrency fell from its recent highs and hit a local low of $190 after closing below the $200 support for the first time in nearly a ￰3￱ the weekend, the altcoin reclaimed the crucial barrier and attempted to turn the $205-$210 area into support during the last two days of ￰4￱ closing the month around the $208 level, SOL’s price bounced 5.3% on Wednesday morning toward the $220 ￰5￱ market watchers previously noted that $218 level was the most important level for the cryptocurrency’s recovery, as the largest supply wall exists around this ￰6￱ level coincides with Solana’s $120-$220 macro range ￰7￱ Crypto Jelle considers that SOL “is ready for its second expansion wave for the cycle” after months of re-accumulation, the September rally, and the successful retest of the breakout ￰8￱ today’s pump, the analyst affirmed that the cryptocurrency has “one last hurdle to overcome” before the rally to new highs ￰9￱ the post, once Solana turns the $250 level into support, the altcoins will be “in for a great end of the year.” Similarly, Altcoin Sherpa suggested that SOL will likely rally toward the $230-$235 area and above if Bitcoin (BTC) and the crypto market remain ￰10￱ Momentum, ETFs To Fuel Q4 Rally Solana’s momentum has been partially driven by growing corporate interest in the cryptocurrency, with SOL-focused Digital Asset Treasuries (DATs) pouring billions of dollars into the strategies over the past few ￰11￱ October 1, Nasdaq-listed VisionSys AI ￰12￱ a $2 billion SOL-based treasury strategy in partnership with Marinade Finance, Solana’s leading staking ￰13￱ initiative aims to “strengthen VisionSys’s balance sheet, enhance liquidity, and create long-term shareholder value through the strategic acquisition and staking of Solana (SOL),” the announcement ￰14￱ Finance will serve as VisionSys’s exclusive staking and ecosystem partner, and the program’s first phase is set to acquire and stake $500 million in SOL within the next six months.

Additionally, the pending approval of multiple crypto-based exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has raised expectations for an October ￰15￱ August and September, the regulatory agency pushed its final decision deadline for multiple crypto investment products, including SOL-based ETFs, between mid-October and ￰16￱ Reading: Ethereum Ready For Round 2? Analyst Forecasts Early October Rally Amid $4,200 Retest On Monday, Senior ETF analyst Eric Balchunas affirmed that “the odds are really 100% now.” “Generic listing standards make the 19b-4s and their ‘clock’ meaningless,” he explained, adding, “That just leaves the S-1s waiting for formal green light from Corp ￰17￱ they just submitted amendment #4 for ￰18￱ baby could come any ￰19￱ ready.” As of this writing, Solana is trading at $219, a 11.1% increase in the monthly ￰20￱ Image from Unsplash.

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