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Solana’s powerful rebound above $200 has reignited bullish enthusiasm across the market, as over $47 million in shorts were wiped out within a day. The surge not only cleared major resistance but also restored investor confidence, with participants now eyeing $210 to $220 as the next key targets.

Solana’s explosive recovery above $200 has triggered a cascade of liquidations, wiping out more than $47 million in short positions within 24 hours, according to SolanaFloor. The single largest short liquidation occurred at $202, underscoring the intensity of this move. Technically, SOL Solana price has reclaimed its 7-day and 25-day moving averages (MAs) near $199.7 and $194.1, confirming strong momentum in favor of the bulls.

Solana price recovery above $200 wiped out over $47M in shorts, signaling a strong bullish reversal as momentum rebuilds. Source: SolanaFloor via X

Such reclaim levels often act as validation points for trend reversals. As long as the price sustains above $194, the probability of continuation towards $210 to $220 remains high.

In a latest development, CryptoRus highlighted that Bitwise CEO hinted at a potential “big week for Solana”, sparking speculation that the Solana Spot ETF may be nearing regulatory approval. This development comes after Solana’s official account responded to the announcement, signaling active involvement from the foundation.

Speculation over a potential Solana Spot ETF has reignited bullish sentiment, with Bitwise and the Solana Foundation signaling growing institutional momentum. Source: CryptoRus via X

The ETF narrative has played a significant role in reinforcing investor sentiment. If ETF progress materializes, it would mark a monumental shift for Solana, positioning it as the third major crypto after Bitcoin and Ethereum to gain institutional-grade exposure.

Rand’s latest chart showcases Solana price forming a clean bullish reversal structure, bouncing off key horizontal support around $185 to $190. The market has printed a higher low (HL) while maintaining symmetry with prior reversal zones, a strong sign of underlying accumulation.

Solana’s rebound from the $185–$190 support zone highlights a clear bullish reversal structure forming. Source: Rand via X

If this rebound continues, the next resistance zones lie near $225 to $240, marking the midpoint of Solana’s previous consolidation range. Breaking and holding above these levels would confirm the start of a mid-term trend reversal.

Exy’s technical framework highlights a textbook bullish continuation pattern forming along Solana’s ascending trendline, nicknamed the “Trendline to Heaven.” The price is currently consolidating around $193 to $200, positioned just above the trendline that has served as reliable support since early summer.

Solana’s “Trendline to Heaven” pattern signals potential for a breakout towards $300–$320 as consolidation strengthens above key support. Source: Exy via X

The next key resistance zones sit near $260 to $275, followed by the 2021 high of $295.28, which also marks Solana’s all-time high. If the bullish momentum extends through this channel, price projections suggest a climb towards $300 to $320, aligning with historical breakout behavior. As long as Solana price maintains closes above $188, the structure remains decisively constructive, favoring further upside in Q4.

Solana’s breakout from a long-term descending trendline, confirming structural strength in the $190 to $200 region. The SOL price chart outlines a measured move projection towards $266.94, representing nearly a 44% upside from current levels. The highlighted support box near $175 to $185 remains the high-confluence accumulation area where previous dips have been absorbed rapidly.

Solana’s breakout above the long-term trendline suggests a potential 44% rally towards $266, backed by strong accumulation near $190–$200. Source: Nehal via X

Volume Profile data also reinforces this projection, showing the bulk of liquidity building around $199, with thin resistance layers above $220. Should Solana price maintain momentum and invalidate the descending resistance completely, the next leg towards $260 to $270 appears increasingly probable, mirroring early-stage bull market breakouts seen in previous cycles.

Between ETF optimism, heavy short liquidations, and multiple technical confirmations, Solana’s setup continues to strengthen. The confluence between reclaiming $200 and consistent higher-low formations underlines an expanding bullish foundation.

If momentum sustains above $194, Solana price could easily push towards $225 to $240 in the short term, with $260 to $320 as mid-term targets. Combined with growing institutional narratives and high on-chain throughput, SOL’s broader outlook remains one of the strongest among top-layer blockchains heading into late 2025.

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