The crypto market is looking choppy, and Solana price isn’t looking very promising right this moment.
In the midst of massive liquidations, SOL price was trading at $208.98, down over 4% in the last 24 hours.
That said, recently, an analyst posted his views on how Solana price will look in the long run. As per his analysis a new rally setup emerged on the monthly timeframe.
And this coincided with Bitwise’s recent push to launch a U.S.-based Solana ETF. The analyst projected that coin price would rally towards the $425 level.
Market watchers say the combination of a strong technical pattern and growing institutional interest could mark a pivotal moment for Solana’s next major move.
At the same time, optimism around ETF approval is nearing certainty. Bitwise’s updated filing, which introduces staking and a competitive 0.20% management fee.
Cup & Handle Pattern Eyes Solana Price Rally to $425
As per analysis by Lark Davis on X, Solana formed a cup and handle pattern on the 1-month trading chart, a setup that often signals the potential for a major bullish continuation.
After a long consolidation period that began in late 2022, Solana (SOL) price has gradually built a strong base of support.
The structure now mirrors a classic technical reversal pattern that could point to a significant move ahead.
Currently, SOL price is trading around the $220 level, sitting just above key Fibonacci retracement zones.
The 1.618 Fibonacci extension projects a potential upside target near $425, aligning with previous major resistance levels.
This confluence adds further weight to the bullish outlook, suggesting that a breakout from the handle could trigger a powerful move upward.
Another encouraging signal comes from the MACD indicator on the monthly timeframe. The MACD line is crossing above the signal line, a formation known as a golden cross.
This crossover historically precedes extended periods of positive momentum, reinforcing the strength of the emerging uptrend.
Bitwise Proposes Low Fees for Its Upcoming Solana ETF
Asset manager Bitwise updated its U.S.-based Solana ETF filing, setting an annual management fee of just 0.20% and adding a staking feature.
According to ETF analyst Eric Balchunas, this move could signal how fierce competition among ETF issuers might become.
Balchunas noted on X that he initially expected higher fees, calling the low rate a surprising but strategic decision.
He suggested Bitwise likely anticipated where the market would eventually settle, so they decided to start low from the outset, a move he described as a “veteran Terrordome play.”
The amended filing, submitted Wednesday to the U.S. Securities and Exchange Commission, positions Bitwise Solana ETF in the middle of the typical crypto ETF fee range, which generally runs between 0.15% and 0.25%.
Balchunas added that low fees tend to attract investors almost every time, calling it a positive indicator for future inflows.
Solana Spot ETF Approval Odds Near 100%
The odds of approval for a Solana ETF reached 95% this week as Bitwise prepares to launch its latest addition to its growing lineup of spot crypto ETF products.
Bloomberg analysts responded to investor concerns about whether Solana ETFs can still move forward following the recent update.
They acknowledged the uncertainty surrounding the process but maintained that the path to approval remains intact.
According to ETF analyst Eric Balchunas, the final deadline for the SEC’s decision on the Solana ETF is October 10.
However, he noted that the ongoing U.S. government shutdown has caused delays in the approval timeline.
Balchunas explained that such delays are not uncommon during periods of administrative slowdown, but he emphasized that they do not signal any fundamental issue with the application itself.
Meanwhile, the SEC failed to meet its final deadline for the Canary Litecoin ETF as a result of the ongoing government shutdown.
ETF analyst James Seyffart noted that the delay may ultimately prove insignificant.
He explained that the SEC has instructed all issuers to submit their filings under the Generic Listing Standards, a move that could streamline