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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Solana price targets $250 as ETF optimism fuels rally toward 8-month high​ 

​​Solana has bounced back above $230 after briefly dipping on whale selling, with fresh optimism from amended spot ETF filings driving momentum. Analysts say holding support near $205 is critical as SOL looks to retest the $250 resistance that capped September’s rally.​

Phone showing different cryptos as app Source: Adobe images
Phone showing different cryptos as app Source: Adobe images
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Solana gunning for 8-month high

Solana (SOL) has come under renewed scrutiny as it regains momentum following a recent surge and subsequent pullback.

In mid-September, SOL momentarily pushed above $250, but sharp profit-taking and concerns about upcoming token unlocks affected sentiment, dragging prices back towards support around $191.

This week, sentiment received a boost from regulatory and institutional cues. Leading asset managers, including Franklin Resources, Fidelity National Financial, Bitwise, and VanEck, filed amended S-1 registration statements for spot Solana exchange-traded funds (ETFs), reviving optimism that approval could come sooner rather than later.

At the same time, one whale account reportedly sold about $31 million in SOL, alarming some traders. However, the price held around the $205 level before rallying to its current $231 mark.

Analysts point to the $250 resistance area as the next meaningful test: a sustained breakout above that zone could renew bullish trajectories, while failure to hold may drag SOL back towards $191 or lower.

In summary, Solana is balancing between optimism from renewed ETF filings and the reality of short-term selling pressure. Its ability to hold key support zones and respond to institutional signals will likely dictate whether SOL can reclaim higher ground or slip into a broader consolidation phase.

Solana bullish scenario:

Solana has resumed its ascent and is eyeing the $250 region where the September peaks were made.

Bullish momentum will remain as long as the cryptocurrency stays above its 30 September low at $204.46.

Solana bearish scenario:

A fall through Tuesday's $204.46 low would shift the currently bullish outlook for Solana to a short-term bearish one. If so, the 25 August low at $185.55 may be revisited.

The next lower support zone lies between $175.81 and $173.48.

Solana daily candlestick chart

Solana daily candlestick  chart Source: TradingView
Solana daily candlestick  chart Source: TradingView

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