Solana Price Update

Solana price has remained under pressure this weekend as sentiment in the crypto industry remained muted. Still, the upcoming SOL Strategies listing and ETF approvals may trigger more gains, potentially reaching an all-time high.

Summary

• Solana price may benefit ahead of the SOL Strategies Nasdaq listing.
• SOL Strategies has emerged as a top Solana accumulator.
• Likely SEC approval of SOL ETFs is expected in October.

Solana (SOL) was trading at $200 today, September 6, down by 7.6% from its peak this month. This price is approximately 100% above the lowest point this year.

SOL Strategies Nasdaq Listing and SOL ETF Approvals

One of the key catalysts for the Solana price is the upcoming listing of Sol Strategies on the Nasdaq, set to transition from the over-the-counter market. Trading will begin on September 9 under the ticker symbol STKE.

SOL Strategies has become one of the largest accumulators of SOL tokens, currently holding 435,064 SOL tokens valued at over $87 million. They have also announced plans to raise $500 million to further accumulate these coins.

This listing comes at a time when treasury companies are falling out of favor with investors; strategy stocks have entered a bear market while Japan’s Metaplanet has seen a loss of over 50% in value over the past few months.

The SOL Strategies listing could provide a significant platform for raising more funds for accumulation and subsequently boost the Solana price.

The primary driver for Solana’s price is the anticipated approval of multiple SOL ETFs by the SEC, with October 16 marking the deadline for the Bitwise and 21Shares ETFs. Additional ETFs from companies like Canary, Franklin Templeton, and Fidelity are also expected to launch in October.

Analysts predict that Solana’s price will surge ahead of this deadline, with Polymarket odds exceeding 80% for SEC approval under Paul Atkins.

Solana Price Technical Analysis


The daily timeframe chart reveals that the SOL price has rebounded significantly in recent months, rising from a low of $95 in April to a high of $218.

The coin has formed a golden cross pattern as the 50-day and 200-day moving averages have intersected. Currently, it is trading at the ultimate resistance of the Murrey Math Lines tool.

Thus, the token is likely to experience a bullish breakout, potentially reaching the year-to-date high of $295, a 47% increase from the current price.

Read more: XRP price Murrey Math Lines indicate surge ahead of ETF approvals.