Solana price has been in a strong bull run this year and is now hovering near its highest level in 2025. SOL was trading at $230, down slightly from $253, which it hit in September. This article explores the top reasons why the Solana coin has more upside in the coming months.
Solana price to benefit from SOL ETF approvals
The first main catalyst is that Solana price will benefit from the potential approval of spot SOL ETFs by the Securities and Exchange Commission (SEC). This approval will likely happen as soon as next week, when the earliest window opens.
The deadline of the Grayscale conversion is on October 11, while the others will be on the following week. Polymarket data shows that the odds that the agency will approve these ETFs have jumped to over 90%.
The question now is whether spot Solana ETFs will have robust demand from investors. JPMorgan analysts predict that the approval will lead to over $6 billion in inflows in the first year.
One measure on whether the funds will have demand is to consider the performance of the REX-Osprey SOL + Staking ETF (SSK), which has accumulated over $382 million in assets in the past few months.
This ETF is even better than the funds that will be approved later this month because it offers a monthly staking return. Data compiled by StakingRewards shows that Solana has a staking return of about 7%. As such, this return will offset the 0.75% expense ratio.
Solana Alpenglow upgrade is coming
The other important catalyst that will boost the SOL price is that the developers will launch the Alpenglow upgrade testnet later this year ahead of the mainnet launch in 2025.
The Alpenglow upgrade introduces new important features to the network. One of the most important ones is the boost in throughput, which will make it much faster than other comparable chains.
For example, a recent testing showed that Solana was able to handle 107,000 transactions per second (TPS), up from the current 65,000. That speed will be much faster than other companies like Visa and Nasdaq.
Solana will also replace the current Tower BFT consensus with the Votor consensus, which will have about 100 milliseconds finality. It is common for cryptocurrencies to jump ahead of a major network upgrade.
SOL treasury strategy
The other notable catalyst for the Solana price is that more companies are announcing their accumulation strategy. Data shows that there are now over 8.91 million SOL tokens held by these companies.
Some of the biggest Solana holders are companies like Sharps Technology, DeFi Development Corp, Upexi, and Sol Strategies.
These companies are seeking to replicate the strategy that MicroStrategy applied in its Bitcoin accumulation. The main benefit of their approach is that, unlike Bitcoin, these companies now earn a 7% return annually through the staking yield.
SOL price technical analysis
The daily timeframe chart shows that the Solana price has rebounded in the past few months, moving from a low of $94.95 to a $230. It has formed a broadening wedge pattern, which often leads to a strong bullish breakout.
Solana remains above the 50-day and 100-day Exponential Moving Averages (EMA). It has moved above the strong pivot reverse point of the Murrey Math Lines tool.
Therefore, the most likely scenario is where it continues rising, with the next level to watch being the extreme overshoot level of the Murrey Math Lines at $275.
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