Solana (SOL) climbed back above $210 on Monday, recovering from last week’s pullback after a fresh wave of spot Solana Exchange Traded Fund (ETF) S-1 amendments from major asset managers. The filings have fueled optimism across the crypto market, with technical signals pointing to further upside potential.
Spot Solana ETF amendments drive recovery
According to ETF Store CEO Nate Geraci, asset managers including Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary submitted new amendments for spot Solana ETFs. Notably, the updated filings include staking provisions, which Geraci suggested also bode well for future Ethereum ETF developments. He added that approvals could arrive within the next two weeks.
The announcements helped push SOL nearly 4% higher since Saturday. In the longer term, approval of these ETFs could provide a major catalyst by enabling investors to gain exposure to Solana without directly holding the token, while also improving liquidity, institutional adoption, and overall legitimacy.
Network upgrade proposals add bullish momentum
Beyond ETF progress, on-chain developments are supporting sentiment. Wu Blockchain reported that Jump’s Firedancer team submitted proposal SIMD-0370, which would remove Solana’s fixed compute unit (CU) block limit after the upcoming Alpenglow upgrade.
Currently, Solana blocks are capped at 60 million CUs, set to rise to 100 million under SIMD-0286. The new proposal would allow block producers to maximize transaction throughput, while slower validators would skip blocks until they upgrade. This mechanism is designed to increase network capacity dynamically, incentivize validator upgrades, and enhance scalability.
Technical outlook: SOL targets resistance at $230
Solana fell sharply last week, closing below $230 on September 22 and losing over 10% by Thursday before rebounding from the 61.8% Fibonacci retracement at $193.52. By Sunday, SOL had reclaimed the 50-day Exponential Moving Average (EMA) at $208.81 and was trading near $210 on Monday.
As long as $193.52 holds as support, SOL retains scope for a move back toward $230, a key daily resistance level. The Relative Strength Index (RSI) on the daily chart stands at 46 and is turning higher toward the neutral 50 line, signaling waning bearish momentum. A sustained RSI move above 50 would strengthen the case for an extended recovery.
