Solana Price Prediction: Hong Kong's First ETF Approved, Target After Breakthrough is $240

With Hong Kong's milestone approval of the first Solana ETF, investor confidence has soared as traders follow the network's expanding global influence. On-chain data shows that Solana leads the industry with an annual revenue of $2.1 billion, with an annual growth rate of up to 212%. Technically, the support at $182 holds firm, with a target of $220 to $240 after breaking through $200.

The Strategic Significance of Hong Kong's First Approved Solana ETF

Hong Kong has recently approved the first Solana ETF, injecting a strong bullish sentiment into the market. This news shared by Ash Crypto quickly attracted the attention of institutions and retail investors, marking an important regulatory milestone for Solana in Asia. This approval highlights Solana's transformation from a high-growth network to a globally recognized asset class.

Hong Kong's position as a financial center in Asia gives this approval unique significance. Unlike the cautious attitude of the U.S. SEC, the Hong Kong Securities and Futures Commission has taken a more proactive stance on cryptocurrency regulation, aiming to establish Hong Kong as the “Asian Cryptocurrency Center.” Hong Kong's approval of the Solana ETF may trigger a chain reaction, with other Asian financial centers like Singapore, Japan, and South Korea potentially following suit.

Due to the fact that ETFs usually enhance accessibility and legitimacy, many believe that this move may open the door for further adoption and regional liquidity inflows in the fourth quarter. Asian investors generally have a higher acceptance of high-performance blockchains, and Solana's technical characteristics (processing over 65,000 transactions per second, with fees less than $0.001) are highly attractive in the Asian market.

More importantly, the approval of the Hong Kong ETF provides a reference case for the US SEC. As other mature financial markets have already approved and are safely operating Solana ETFs, the reasons for the US SEC's denial of approval will become weaker. This “regulatory competition” may force the US to accelerate the approval process for Solana ETFs, avoiding ceding this market to Asia.

23 ETF applications surpass Bitcoin, institutional frenzy unprecedented

(Source: CryptoCurb)

Market data shows that since 2024, Solana has led all crypto assets in ETF applications, with a total of 23 applications, as highlighted by CryptoCurb. This surpasses even Bitcoin and Ethereum, indicating strong institutional interest in non-BTC blockchains. This data holds significant reference value in Solana price predictions.

Why are institutions so keen to launch Solana ETFs? The answer lies in the combination of technical advantages and ecosystem vibrancy. Solana's high performance makes it the preferred platform for DeFi, NFTs, and on-chain gaming, and the diversity of its ecosystem provides investors with a rich investment narrative. Unlike Bitcoin's singular narrative of “digital gold,” Solana has multiple identities, including “high-performance infrastructure,” “DeFi hub,” and “Web3 platform.”

More ETF applications usually precede the maturity of structured markets, indicating that [Solana]/buy-solana-sol( may be preparing for broader global exposure. The 23 applications come from various asset management companies, including well-known institutions like VanEck, 21Shares, and Franklin Templeton. This diversified lineup of issuers means that once the U.S. SEC approves, multiple Solana ETF products will emerge in the market simultaneously, creating healthy competition.

The ETF applications have strengthened the long-term bullish sentiment. Each new application represents a vote of confidence from institutions regarding the long-term value of Solana. These institutions conduct rigorous due diligence before submitting applications, including technical audits, market potential assessments, and regulatory risk analyses. When 23 institutions reach the same conclusion, the reliability of this collective judgment far exceeds that of a single analyst's prediction.

Three Major Impacts of 23 ETF Applications:

Market expectations are priced in advance: Investors begin to position themselves early, driving up spot prices.

Liquidity Infrastructure Construction: Issuers establish custody, market making, and risk control systems.

Regulatory pressure increases: A large number of applications force the SEC to expedite approvals or provide clear reasons for rejection.

Historically, Bitcoin and Ethereum ETFs have taken several years from the mass applications to final approval. However, this process itself is a sign of market maturity, with each application enhancing public awareness and regulatory familiarity. Solana is currently in the acceleration phase of this cycle, and 23 applications may gradually be approved within the next 12 to 18 months.

) Technical Analysis: $182 support and $220 breakout path

![Solana holds the support level around 182 USD]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-5d0fe422de-153d09-69ad2a.webp(

(Source: Trading View)

The technical aspect continues to show strength around the $182 level, with buyers entering multiple times to defend the structure. James pointed out that the price is following a long-term downward trend line and seems to be tightening closely towards the upcoming breakout area. Solana is holding the support level around $182, with bulls optimistic about the possibility of breaking through the resistance level of $200 to $210.

Breaking through the trendline may trigger a significant price increase to between 200 and 210 dollars, with short-term resistance around 195 dollars, serving as an initial test. Maintaining higher lows above 182 to 184 dollars is crucial for confirming the sustainability of prices and alleviating any short-term bearish pressure. If it falls below 182 dollars, the price forecast for Solana needs to be reassessed, with the next support level around 170 dollars.

The chart shared by Kamran Asghar highlights the triangular consolidation pattern of )[Solana]/sell-solana-sol(, reflecting a contraction in volatility before a potential upward movement. The price structure of Solana shows that a distinct high has formed before the flat resistance level, which is a typical bullish breakout pattern. The characteristic of the triangular pattern is that the price fluctuation range continues to narrow, indicating that the market is accumulating energy and preparing to make a directional choice.

If the triangle breaks upward, the empirical moving forecast suggests that the price may rise to between 210 and 220 dollars, with a lower support level between 178 and 180 dollars. However, if this area cannot be held, it may briefly retest the previous liquidity pool near 170 dollars before attempting to bounce back. The target price for the triangle pattern is usually the height of the pattern plus the breakout point, which provides theoretical support for the 220 dollars target according to this technical analysis rule.

) $2.1 billion annual revenue surged 212%, on-chain fundamentals booming

![Solana leads all mainstream blockchains with an annual revenue of $2.1 billion]###https://img-cdn.gateio.im/webp-social/moments-87a9b3933a-be2a7ae455-153d09-69ad2a.webp(

(Source: Bitwise)

The on-chain growth of Solana remains a core pillar of its sustained resilience. Data shared by Capital Markets shows that the network leads the industry with an annual revenue of $2.1 billion, achieving an annual growth rate of 212%, far surpassing other competing blockchains. These indicators reinforce the fundamental logic behind Solana's price forecasts, as it is not only a high-throughput blockchain but also a profitable ecosystem with real economic activity.

Where does the 2.1 billion USD annual revenue come from? It mainly includes transaction fees, MEV (Maximum Extractable Value) income, and validator rewards. The high transaction frequency of Solana allows it to achieve considerable total revenue while maintaining low per-transaction costs. The 212% annual growth rate indicates that the Solana ecosystem is in an explosive growth phase, a rate of increase that is extremely rare among mature Layer-1 blockchains.

The continuous income and network growth provide a strong backdrop for long-term holders, aligning with the ongoing growth momentum of ETFs and the bullish technical structure. From ETF approvals to leading on-chain performance, Solana's price continues to stand out, becoming one of the strongest assets in the market in terms of fundamentals and structure. The combination of regulatory recognition, investor demand, and technical strength has laid a solid foundation for the end of the year.

If the support level at 182 dollars holds, and a breakthrough occurs at the 195 to 200 dollar range, Solana price predictions may easily return to the range of 220 to 240 dollars in the coming weeks. With the continuous increase in institutional participation and ecosystem indicators reaching all-time highs, Solana price predictions are expected to welcome a bullish rebound.