Solana coin price (SOL) dipped on September 26, crashing below $195, with the mounting selling pressure. However, with the approval of the Solana ETF approaching on October 10, retail traders saw this as a perfect opportunity to buy the token at a discounted price.
Solana, aka the Ethereum killer, faced massive selling pressure last Tuesday. The token crashed from $220 and reached below $195. However, retail buyers saw this as the perfect opportunity to buy the dip before the approval of the Solana ETF. With buyers pouncing in on the dip, Solana is making higher highs and higher lows. Solana’s current price is $210 after the token lost nearly 7% of value within the past week.
Franklin Templeton, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary Capital are the companies that filed updated S1 documents for their proposed spot Solana ETFs. The Securities Exchange Comission is set to approve these in the next couple of weeks.
Given that the Solana ETF is approved, the Solana price prediction is set at $250. On the daily chart, SOL was trading inside a bearish flag, which broke down once it completed the pattern.
Solana is supported by the 50-day EMA
After being supported at $191, the token rose drastically to $209 with retailers gulping the Solana, as mentioned above. Solana’s current price of $210 is being supported by the 50-day EMA and the bears would need immense power to crash the prices below this support level.
The RSI indicator is facing the oversold region as it reads 46 on its scale. However, when the SOL ETF is approved and the bulls come the RSI will change its direction and SOL will test the next resistance level close to $250.
