SOL Consolidates Around $209 as ETF Approval Process Shows Mixed Signals

what happened

The SEC has postponed decisions regarding the Solana ETF application until October 16th, creating uncertainty despite recently streamlining the Crypto ETF approval process. Sol Price has dropped 0.62% to $209.00 as it weighed mixed regulatory signals against a strong institutional support totaling $267 million in recent investments.

detail

Within 48 hours, two contradictory regulatory developments emerged. The SEC delayed the Solana ETF decision citing the need for a “more thorough analysis,” but at the same time, on September 24th it reduced its Crypto ETF approval timeline from 270 to just 75 days.

Timing suggests that regulatory uncertainty persists despite procedural improvements. Market participants interpret delays as standard due diligence, rather than completely rejecting them, particularly given the current streamlined framework.

Technical response

Sol Price Test supported nearly $204.29 in support before recovering to its current level around $209. The tokens are below the 20-day moving average of $224.50, but above the 50-day average of $210.23, indicating short-term integration within the long-term uptrend. The daily amount of $718 million reflects an increase in interest despite a slight decline.

The RSI read of 45.9 suggests neutral momentum, while the bearish MACD histogram of -3.0874 indicates additional downsides if support fails. The key resistance is $253.51, representing the recent highs, with key support zones of $190.80 and $175.69.

What traders do

Institutional accumulation continues despite regulatory uncertainty, with a fresh investment of $267 million over the past week showing long-term trust. Larger holders appear to be using regulatory delays as an opportunity to accumulate, and view the streamlined approval process as a positive development in the future ETF outlook.

Options flow suggests that traders are positioning for volatility around the ETF decision date on October 16th, with both calls and major strike prices increasing activity. Mixed signals have created a divergent market with short-term attention and long-term optimism.

What’s next?

The immediate focus will be on the SEC decision on October 16th, with Sol/USDT likely to remain in the range between $190 and $225 until it becomes clear. A positive ETF ruling could cause breakouts above $253 resistance, but a denial could test a $175 support zone.

Technical indicators suggest that integration will continue until regulatory overhangs are resolved. The $210 50-day moving average serves as immediate support, and below the break could accelerate to $190.

Take home

We await the ETF decision on October 16th, as support within the facility provides negative side protection while system uncertainty reduces the possibility of rising.

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