Solana Drops to $185, SEC ETF Delay; Analysts See Breakout

Solana (SOL) slid back toward a critical support zone this week after a broader market pullback and a surprise regulatory delay, but analysts say the dip may be a last buying opportunity before a major rally.

Market context:

• Bitcoin (BTC) briefly hit a new all-time high near $124,000 and Ethereum (ETH) climbed to about $4,788 early Thursday, helping lift the market.
• Those gains reversed later in the day after higher-than-expected macroeconomic signals and the U.S. government’s decision not to add BTC to its Strategic Reserve, fueling a sharp sell-off across many tokens.

Solana’s move: SOL had earlier reached an eight-month high at $209 before tumbling roughly 10% from those highs to retest the recently reclaimed $190 support. The drop accelerated after the U.S. Securities and Exchange Commission delayed decisions on multiple spot Solana ETFs, sending prices down to the $188 area before a short bounce. By Friday afternoon SOL was trading between roughly $184–$186, showing a daily decline near 4.7% at $184.90.

SEC delay and ETF outlook: The SEC said it needed more time to consider proposed rule changes and pushed the final deadline on filings from Bitwise, 21Shares, VanEck, Grayscale, and Canary Capital to October 16, 2025. ETF specialist James Seyffart characterized the delay as not necessarily negative, and expects standard spot SOL ETFs could still be approved by mid-October “at the latest.”

“The delay is not necessarily negative… standard spot SOL ETFs could still be approved by mid-October at the latest.” — James Seyffart

Analyst read: Technical traders remain constructive. Ali Martinez framed this dip as potentially “a final buy-the-dip chance,” pointing to a six-month ascending triangle that targets roughly $360 on a breakout — roughly a 100% upside from current levels. Martinez also noted an on-chain strength signal: wallets holding more than 10,000 SOL reached a new all-time high this week, with 5,224 wallets each holding about $2 million in SOL.

Another market watcher, Sjuul of AltCryptoGems, highlighted a four-month ascending channel and said SOL has tested the $200 resistance three times. According to Sjuul, holding above the $180 area, which has acted as both support and resistance this cycle, is key for a move back toward all-time highs.

Outlook: The short-term picture is range-bound between $180 and $200 as the market digests macro data and regulatory developments. If SOL holds the $180 support and the technical patterns resolve upward — alongside potential ETF approvals — analysts believe a significant breakout to new highs is still in play.