Solana Price Forecast - SOL-USD Recovers to $238.75 as $1.7B Wipeout Clears Leverage, ETF Decision Key

Solana (SOL-USD) Holds $238.75 as Market Shakes Out $1.7 Billion in Liquidations

Solana (SOL-USD) is stabilizing near $238.75, clawing back from a sharp drop to $215 that coincided with a marketwide liquidation event wiping out more than 402,000 traders and $1.7 billion in leveraged positions. Despite losing almost 6.7% in a single day, Solana’s market capitalization remains robust at $130.13 billion, securing its spot as the sixth-largest cryptocurrency globally. Trading volumes surged 145% to $3.55 billion, underlining how whales and institutions actively stepped in as sellers were forced out. Over the past twelve months, SOL has ranged between $100 and $254, with $186 emerging as the most reliable long-term support zone.

Institutional Bets Push Solana Toward ETF-Driven Repricing

Institutional adoption is accelerating. Forward Industries finalized a $1.58 billion SOL purchase, while Helius Medical Technologies injected over $500 million into Solana-based treasury reserves. Brera Holdings, a Nasdaq-listed investment firm, executed a dramatic pivot by securing $300 million in private equity from UAE investors and rebranding into a Solana-dedicated vehicle under the “Solmate” banner. Cathie Wood’s ARK Invest added another $162 million into Solana-linked ventures, underscoring that institutional conviction is no longer speculative. These moves create the foundation for ETF-driven repricing, with traders now focusing on the October 16 SEC ruling as the critical short-term catalyst.

ETF Approval: The October 16 Decision That Could Reprice SOL Above $300

The SEC’s October 16 review of Solana ETFs is being closely watched across global desks. With regulators having already approved standardized crypto ETF listing rules, a green light for Solana products would likely unlock significant inflows. Analysts argue that a break above the $252–$254 resistance could trigger a rally toward $300, with some bullish forecasts extending to $360 before year-end 2025. Lennaert Snyder emphasizes that as long as SOL defends $186 on the weekly chart, its long-term uptrend remains intact. Short-term corrections, he argues, offer opportunities for accumulation before institutional liquidity forces a repricing higher.

On-Chain Whales Diversify: Remittix (RTX) Presale Hits $26.3 Million

On-chain data shows that while whales remain active in Solana, they are diversifying into presale tokens promising real-world utility. Remittix (RTX), currently priced at $0.1130, has already sold over 668 million tokens, raising $26.3 million. Its appeal lies in building cross-border payment rails across 30+ countries, audited security via CertiK, and confirmed listings on BitMart and LBank. Solana whales’ allocation into RTX suggests that while conviction in SOL remains high, investors are hedging exposure by buying into utility-first projects. This does not diminish Solana’s core role in DeFi and NFTs but signals a broader appetite for diversified blockchain ecosystems.

Technical Structure: Key Levels Define the Path Forward

Solana’s chart is defined by two major levels: $186 weekly support and $252 resistance. The short-term rebound to $238.75 came as RSI reset to 48, signaling neutral momentum after being overbought at prior highs. If bulls break $252, upside targets shift to $270 and $300, while a rejection could trigger another retest of $200–$190. Momentum oscillators lean bearish in the short term, but volume data—spiking 145% in 24 hours—suggests accumulation during panic selling.