Solana Price Eyes $200 as Hong Kong Approves First SOL Spot ETF

Solana Price Prediction: Will Hong Kong Spot ETF Push SOL Above $200

Solana price is currently trading around the $185 mark, holding near a strong support level. Following a recent bearish trend in the broader crypto market, SOL has declined by over 7% this week. Despite failing to break above the $200 resistance, the asset is showing signs of stability. 

Trading volume surged by 46.73%, reaching $8.29 billion in the last 24 hours. Major cryptocurrencies, including Bitcoin  (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB), also faced declines. However, sentiment could shift as Hong Kong becomes the first to approve a spot Solana ETF, potentially boosting investor confidence in SOL.

Hong Kong Approves First Solana Spot ETF

Hong Kong has officially approved the first-ever SOL spot exchange-traded fund (ETF), marking another milestone in the growth of its crypto market.

The new Solana ETF will be listed on the Hong Kong Stock Exchange and will start trading on October 27. It will be priced in both the American dollar and Chinese renminbi, increasing accessibility to both international and local investors.

The step strengthens the role of Hong Kong in the cryptocurrency ETFs, as it previously approved Bitcoin and Ethereum products. The city still draws the attention of the world as it creates a more open and regulated space for digital assets.

An approval is yet to be granted in the United States on a Solana spot ETF. Further advancement in the American crypto ETF industry is delayed until further notice by the government of the United States, which is still on a shutdown.

Will Solana Price Hold Above $180 Support Level?

BitGuru reports that the Solana price is maintaining a structured downtrend, finding firm support around the $180 mark. Recent price trend indicates the buyers are hesitantly getting back into the market, and this has indicated that there could be a short-term reversal after a spell of persistent downward trend.

The analyst indicates that a conclusive jump beyond $195 may indicate a bullish break, which may push the prices to the $210-$220 band. Technical indicators on the chart reveal that the market has been attempting to stabilize, and momentum could soon favor buyers if the resistance level is breached.

Will SOL Price Break $200 Level Soon?

The SOL price traded at $186, showing a modest 0.52% decrease in the last four hours. The token fluctuated between $180 and $190 during this period, suggesting restrained volatility after recent market consolidation.

Moving Average Convergence Divergence (MACD) indicator depicts a slight bearish formation. The MACD line lies lower than the signal line, which indicates the loss of momentum. The bars of the histogram are, however, short, indicating that there is a possibility that selling power is weakening.

In the meantime, the Relative Strength Index (RSI) is 46.13. This reading puts SOL in the neutral zone, which is neither overbought nor oversold.

The price of SOL is still stuck in the range, the resistance can be seen at the levels around $200, and the support at the levels of around $170. The price remains between these levels, indicating a lack of direction among traders. A breakout of above $200 may be a sign of bullishness, and a fall of below $170 may welcome a selling force.