SOL slips below $200, but ETF verdict could trigger ‘institutional moment’

Solana's price fell to $192, wiping out a recent rally to $253 in less than a week. Anticipation surrounds Grayscale's spot SOL ETF, which could be approved by Oct. 10, possibly facilitating increased institutional investment similar to trends seen with Bitcoin and Ethereum. Currently, less than 1% of SOL is institutionally owned, compared to 16% for Bitcoin and 7% for Ethereum, highlighting the room for growth should the ETF be approved. Despite current market volatility and a dip in SOL’s price action, technical indicators suggest a potential short-term bottom at the $200 to $185 demand zone. However, if SOL drops below $185, it may signal increased selling pressure. The four-hour RSI indicates sellers may be exhausting, historically predicting potential price recoveries. The overall trend, with higher highs and higher lows, remains supportive, making the upcoming ETF decision a pivotal moment for Solana’s market status.

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