Solana Jumps 12% in Three Days as Retail Traders Buy Ahead of ETF Decision

The Solana price has surged 1.2% in the last 24 hours, to trade at $213, on a 44% increase in the daily trading volume, to $8.63 billion.

Solana’s price has bounced back strongly, rising nearly 12% in three days after dipping to $190.85. Traders appear to have treated the pullback as a buying opportunity, especially with the SEC’s final decision on a Solana ETF due by October 10.

Data shows retail investors led the charge, with Binance traders aggressively buying the dip. At the peak of the sell-off, retail long positions surged to over 78%, while Solana’s orderbook also tilted in favor of buyers. In one 4-hour window, retail traders bought nearly $72 million worth of SOL, showing strong conviction in the rebound.

For Solana to push toward new highs, traders are watching open interest and futures activity. On Sept. 18, when SOL hit a yearly high of $253, CME futures open interest stood at $2.12 billion with $1.57 billion in volume.

Current levels are lower at $1.72 billion and $400 million, respectively, suggesting room for growth. Similarly, aggregate open interest across exchanges sits below prior peaks of $3.65 billion.

Another key factor is regional trading activity—returns in U.S. sessions have recently turned positive, and aligning this trend with APAC and EU sessions could further support momentum ahead of the ETF decision.

Solana Price Bulls Eye $280 Ahead

Solana is showing strong momentum after breaking out of months of sideways and bearish trading. The token is now priced around $210, slightly down by 0.97% in the past 24 hours, but technical signals point to a possible move toward the $280 resistance zone.

Earlier this year, SOL was stuck in a bearish channel, sliding down to the $140–$160 area. After forming a rounding bottom pattern, the price broke through its neckline resistance, sparking a recovery rally. Since then, the chart has been showing a steady climb with higher highs and higher lows, supported by strong buying activity.

SOLUSDT Analysis Source: Tradingview

The current support level sits near $160, while the next major resistance is at $280, a key liquidity area where many traders may look to take profit. As long as the price holds above $200, analysts expect the bullish setup to stay intact.

The Relative Strength Index (RSI) is around 46, showing that Solana is neither overbought nor oversold. This leaves room for more upward movement without immediate selling pressure. If buying picks up, SOL could test the $280 level soon.

In the short term, traders are watching the $200 support zone closely. A drop below it could send the price back toward $160. But if buyers continue to dominate, Solana may climb toward $280 in the weeks ahead.