Solana price jumped and cleared a major hurdle as the crypto market rally continued, and upcoming exchange-traded fund approvals could push it to a record high.
Summary
- Solana price could jump to a record high ahead of the SOL ETF approvals.
- SOL will also benefit from the upcoming Alpenglow upgrade
- Technicals show it has flipped a major resistance level.
Solana (SOL) token jumped to a high of $226, its highest level since February 1 this year. It has been in a strong rally, soaring by over 135% from its lowest level in April.
SOL ETF approvals and Alpenglow upgrade could trigger a pump
Solana price jumped as most cryptocurrencies rose amid enthusiasm for upcoming Federal Reserve interest rate cuts.
This rally could continue in the coming weeks as the deadline for most SOL ETFs nears. The SEC has set the final deadline for most funds, like Bitwise and Canary, on October 16 this year.
The agency may approve or reject these funds before the deadline. Polymarket data shows that the odds these funds will be approved before year-end are over 90%.
The SEC will approve the funds because it has already approved Ethereum (ETH) funds. Ethereum funds have become highly popular among investors, with their total inflows soaring to over $13 billion.
There are signs that Solana ETFs will be popular among investors. A good example is the Rex-Osprey Sol + Staking ETF, which has already attracted over $230 million in assets two months after its launch.
The other potential catalyst for the Solana price is the upcoming Alpenglow upgrade, which will replace its proof-of-history and TowerBFT with the votor/rotor consensus.
The upgrade, scheduled for Q1 2026, will push Solana’s throughput from 65,000 transactions per second to 100,000, with finality falling from approximately 12.8 seconds to between 100 and 150 milliseconds. Historically, cryptocurrencies rally ahead of a major upgrade.
Solana price technical analysis
The daily timeframe chart shows that Solana price has been in a strong bullish rally in the past few months, moving from a low of $95 in April to $220 today.
It has managed to flip the important resistance level at $210, the highest swing in July, where it had failed to move above several times. The coin formed a golden cross pattern, while the Average Directional Index has jumped to 30. It also remains above the Ichimoku cloud indicator.
Therefore, the path of least resistance for the coin is highly bullish, with the next important reference price being the all-time high of $295.