(MENAFN- DailyFX (IG)) 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 Source: TradingView Source: TradingView Important to know

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