SOL traders smash buy ahead of SEC Solana ETF decision: Is $250 back on the table?

SOL traders viewed the recent dip to $190 as an opportunity to buy ahead of the SEC's impending decision on Solana ETFs, expected by October 10. Following this drop, SOL's price surged to $213, marking a nearly 12% increase over three days. Retail traders actively accumulated SOL as reflected in a significant volume increase at exchanges like Binance and Coinbase. The retail longs metric showed a spike from 54.3% to 78.2% in long positions, indicating strong bullish sentiment. Additionally, the orderbook analysis indicates a tilt towards buyers, as the bid-ask ratio improved. With aggregate open interest at centralized exchanges and CME futures reflecting increased activity, some analysts speculate a potential return to pre-sell-off levels around $253 if the ETF decision favors SOL. Monitoring cumulative returns during trading sessions in the US and other regions will be crucial leading up to the ETF outcome.

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