Solana (SOL) Price: Token Reaches $255 as ETF Deadlines Approach

TLDR

• Solana price reached $255 on September 18, up 163% from April lows
• Upcoming spot Solana ETF approval deadlines in October are a major catalyst
• Alpenglow upgrade will transition to proof-of-stake with improved transaction speed
• Solana processed 1.9 billion transactions in the past 30 days, outpacing competitors
• Companies building SOL treasuries now hold over $3 billion in tokens

Solana’s price is showing strong upward momentum as it approaches its all-time high. The SOL token reached $255 on Thursday, September 18, marking its highest level since January and representing a 163% increase from its lowest point in April.

The cryptocurrency’s impressive performance is driven by several factors that have aligned to create favorable conditions for continued growth.

One of the primary catalysts pushing Solana’s price higher is the approaching deadline for spot Solana ETF approvals. The Grayscale Solana Trust faces an October 10 deadline, while other funds have deadlines on October 16.

Solana Price on CoinGecko

Data from Polymarket indicates that the odds of these ETFs receiving approval have been steadily increasing over recent months. This development is particularly important as regulatory approval would open SOL to more institutional investors.

As one of the market’s leading cryptocurrencies, Solana is likely to attract substantial inflows if these ETFs are approved. The recently launched Solana staking ETF has already accumulated over $289 million in assets, demonstrating strong investor interest.

Technical Improvements Fueling Growth

The upcoming Alpenglow upgrade represents another major factor in Solana’s bullish outlook. This upgrade will introduce several new features designed to enhance the network’s capabilities.

A key aspect of the Alpenglow upgrade is the transition from the current proof-of-authority model to a proof-of-stake consensus mechanism. This change will help improve the network’s decentralization while maintaining its performance advantages.

The upgrade will also boost Solana’s transaction throughput. Transaction finality is expected to improve from 12 seconds to between 100 and 150 milliseconds. Additionally, transactions per second will increase to approximately 107,000.

These improvements are particularly important as Solana has established itself as the most active blockchain in the industry. According to Nansen data, the network processed over 1.9 billion transactions in the past 30 days.

This transaction volume far exceeds that of other popular blockchains including Ethereum, Sui, Cardano, and Polygon. Solana is rapidly closing the gap with traditional financial networks like Nasdaq in terms of daily trade settlements.

Growing Institutional Adoption

The network is gaining traction in key sectors such as trading, stablecoin settlements, and real-world asset tokenization. This expanding utility is attracting more users and developers to the Solana ecosystem.

Another factor supporting Solana‘s price growth is the increasing number of companies building SOL treasuries. Data from CoinGecko shows that these companies now hold tokens valued at over $3 billion.

Unlike Bitcoin treasury holdings, Solana offers these companies an additional benefit through staking. By staking their SOL holdings, these companies can generate annual returns of approximately 8%, creating an incentive for long-term holding.

Technical Analysis Points Higher

From a technical perspective, Solana’s price chart displays strongly bullish indicators. The token is trading above all major moving averages, while the Average True Range has increased, suggesting growing momentum.

Key oscillators, including the Relative Strength Index and the Moving Average Convergence Divergence (MACD), continue to rise. These technical factors suggest that SOL’s upward trajectory could continue toward its all-time high of nearly $300.

With both fundamental catalysts and technical indicators aligned, Solana appears well-positioned to maintain its bullish momentum in the coming weeks. The token reached $255 on September 18, its highest level since January.