- Solana is trading at $238.45 as CME is planning to introduce options on SOL and XRP Futures.
- Analysts anticipate a breakout that could send Solana to $310 with ETF approval potential.
Solana is currently trading at $220.45 with a market cap of $120.51 billion and a daily turnover of $3.55 billion. The market activity is stable, but analysts are waiting for a breakout that can take the token near $310.
The Chicago Mercantile Exchange (CME) is launching options on Solana (SOL) and XRP futures on October 13. This is the first time CME offers other altcoins besides Bitcoin and Ethereum in its options list. The shift is evidence of institutional demand for diversified exposure to the crypto space.
Since its launch earlier this year, Solana futures have gained momentum, with over 540,000 futures contracts worth $22.3 billion in total traded. August alone experienced record activity with 9,000 contracts changing hands daily. XRP futures have also been strong, with $16.2 billion in trades and almost $1 billion in open interest in August. CME’s global crypto head Giovanni Viciouso pointed to “significant growth and liquidity” as the driver.
ETF Prospects and Institutional Positioning
Solana is now eligible for a spot ETF under the SEC’s new framework. The guidelines allow altcoins that have regulated futures markets trading for six months to apply. With futures being listed on Coinbase and CME, SOL is in a good place in terms of ETF approval.
Institutional interest is already growing. Grayscale recently launched the CoinDesk Crypto 5 ETF on NYSE Arca, which included Bitcoin, Ethereum, XRP, Solana, and Cardano. The product gives investors a diversified basket of major digital assets and could increase liquidity for Solana.
Pantera Capital forecasts a stronger flow of money into Solana to come from institutions. The firm cited that institutions own less than 1% of Solana’s circulating supply, in contrast to 16% for Bitcoin and 7% for Ethereum. If an approved spot ETF existed, that gap represents enormous room for institutional adoption. Pantera has established Solana as a key component of institutional portfolios with Bitcoin and Ethereum as major future assets.
Technical Picture and Market Outlook
On the charts, Solana’s price is consolidating in an ascending channel. Price is squeezed between the 50-hour EMA at $239 and the 200-hour EMA at $230. Bulls are holding higher lows, while resistance is between $248 and $253.
The Relative Strength Index is 45, pointing to neutral momentum, but favoring oversold conditions. Repeated wicks close to $236 confirm demand zones. Analysts point out that a breakout above $244 could power a run to $248, $253, and the channel top at $259. Medium-term projections have targets near $300, with $310 possible if ETF approval leads to accelerated inflows.
Support levels are at $231 and $226, with deeper downside risk to $220. However, repressed demand may continue to prevent corrections from reaching deeper levels as investors accumulate during the consolidation. As institutional activity picks up, Solana’s memecoin market has slowed.
Earlier this year, meme tokens accounted for more than 60% of decentralized exchange activity on the network. That figure has now dropped below 30%. Analysts attribute the decline to fading speculative momentum that left many retail traders with losses.
