Where’s the $200 Solana price breakout?

After the debut of two Solana ETFs on the U.S market, the crypto community is anticipating major price moves from the token as it chases the ETF hype. Will it reach $200?

Having made its debut as the first Solana ETF to be listed on the U.S market on Oct. 28, Bitwise Solana Staking ETF has accumulated a total net inflow that has broken through the $100 million threshold. At press time, the exchange-traded fund has reached a cumulative total net inflow of $116 million.

Meanwhile Grayscale’s Solana (SOL) ETF, which was launched a day after Bitwise’s Solana ETF, is still lagging far behind as its net inflow has only generated about $1.40 million since it was launched only a day prior based on data from SoSoValue.

Bitwise Solana Staking ETF made history as the first Solana ETF that was approved for a listing on the New York Stock Exchange. Within the first 30 minutes after it was listed, the Solana-backed fund had already generated about $10 million in trading volume which indicated mounting investor interest.

So far the hype surrounding Solana ETFs has continued, the combined net inflows from both funds have reached $117.4 million, with BSOL contributing to more than 90% of the total inflows. The trading volume for Solana ETFs has amounted to $79.5 million, just $500,000 shy of reaching $80 million.

Overall, Solana ETFs make up about 0.40% of the token’s total market cap with total net assets amounting to $432.29 million. At the moment, SOL’s market cap stands at $106 billion, making it the sixth largest crypto asset by value.

Despite seeing minor dips, the token is currently trending on the market, possibly due to the hype surrounding the launch of Solana ETFs as other firms such as Canary, VanEck and 21Shares are eyeing their own Solana ETF launches in the near future.

Can Solana ETFs fuel another $200 breakout?

Within the past 24 hours, the token managed to reach a daily high of $201.42. However, the breakthrough was short-lived as the token retracted back below the $200 mark, slipping further down to $191.5 before rebounding to $195 as it attempted to climb back to its previous high.

The 30-period moving average is hovering around $195.82, acting as a short-term pivot level that reflects indecision between buyers and sellers. Meanwhile, momentum indicators like the Relative Strength Index sit near 49, signaling that it is neither in overbought nor oversold territory. This suggests that the market is consolidating before its next major move.

The launch of Solana ETFs in the market has brought fresh institutional interest, helping SOL reclaim momentum above the $190 level after brief corrections. However, the price action shows that investors are still digesting this development, with volume and volatility tapering off slightly following the initial hype.

This period of consolidation could be interpreted as the market building a new base of support before attempting another breakout toward the psychological $200 ceiling.

To maintain the bullish momentum, Solana would need to maintain stability above the $193 to $195 range. A strong hourly close above $198 to $200, ideally with an increase in trading volume, would likely confirm a new leg up toward the $210 to $225 zone.

However, if SOL fails to hold current support, it could experience a short-term pullback towards the $185 to $188 range, where previous demand has historically re-entered the market.

ETF inflows and rising confidence in Solana’s ecosystem could serve as fundamental catalysts for a sustained move above the $200 mark. If institutional participation continues to grow alongside improving technical structure, SOL could turn this consolidation into a launchpad for a more decisive breakout.