Solana Price Up 1.6% As Hong Kong Approves First Solana ETF

The Solana price surged 1.6% in the last 24 hours to trade at $187 as of 3:30 a.m. on an 11% fall in trading volume to $7.13 billion.

This surge comes on the heels of news that Hong Kong has become the first place in the world to approve a spot Solana ETF, beating out the US as its approvals are slowed by the government shutdown.​

🚨 JUST IN: 🇭🇰 Hong Kong has officially approved the first-ever $SOL Spot ETF by ChinaAMC!

Solana just joined the big leagues — institutional money is coming 🟣🔥#Solana #Crypto #ETF pic.twitter.com/y7CUN32aJW

— SMC KAPIL DEV (@smckapildev) October 22, 2025

The approval is a major milestone for the Solana community. The new ETF, managed by ChinaAMC, will begin trading on the Hong Kong Stock Exchange on October 27. Investors will be able to buy shares in the ETF using USD, Chinese yuan, or Hong Kong dollars.

With regulators in the US still reviewing similar products, this decision positions Hong Kong as a leader in crypto innovation in a move that’s likely to draw new capital to Solana from both retail and institutional investors.​

Solana Price: On-Chain Trends

SOL price dynamics have been influenced by a wave of on-chain activity. Data shows that while there was a downturn earlier in October, metrics like wallet growth, transaction volume, and staking participation continue to signal great ecosystem health.

Solana’s on-chain stats remain a key reason for rising interest.​Recent blockchain analytics reveal that: There’s been a steady increase in new wallet addresses and overall network transactions, suggesting higher user engagement.​

More coins are moving off exchanges and into private wallets, a sign that long-term holders are accumulating rather than selling.

The number of staked SOL tokens is climbing, giving confidence to the network’s security and future prospects.

Experts note that these on-chain signals are closely followed by traders because rising network activity can lead to new price highs, especially when combined with a positive news cycle like the ETF launch. As a result, the coin price could benefit not just from speculation but from actual adoption and usage on the blockchain.​

Solana Technical Analysis: Key Levels To Watch

Looking at the price chart, Solana’s price is holding above important support levels and remains in an ascending trend channel. The weekly chart shows SOL trading just above two crucial simple moving averages: $183.20 (50-period SMA) and $102.00 (200-period SMA).

These SMAs are typically used by traders to gauge market direction and trend strength.

The $183.20 price is acting as the first major support area, backed up by the 50-SMA. If the price dips near this level, new buyers have tended to step in quickly, pushing it higher.

SOLUSD Analysis Source: Tradingview

Falling below the $183 zone could open up a retest of the next big support around $102, as marked by the 200-SMA, though such a dip would likely draw in strong demand from long-term holders.

Resistance is currently visible near $195–$200, with a break above this barrier possibly triggering a move towards the previous high near $295. If the ETF launch leads to a stronger price reaction, these targets may come into view much faster.

Solana Price Indicators Turn Bullish Ahead

Technical indicators are also signalling optimism. The RSI (Relative Strength Index) is near 50, which suggests price is neither overbought nor oversold, leaving room for movement in either direction.

The MACD (Moving Average Convergence Divergence) sits close to neutral but is gently turning up, a clue that buyers could start to dominate if the trend strengthens.

While the ADX (Average Directional Index), currently at 15.24, shows that the trend is not exceptionally strong, a pickup could indicate the start of a major swing.

The chart shows an upward trend with a clear support area at the rising black line and a resistance at the top of the channel. As Solana trades between these lines, the outlook stays positive as long as support levels hold.

If the price can break out above the upper resistance line, the next main target is $218, with a shot at previous highs near $295.​

However, if the price stumbles or if profit-taking hits the market, traders should watch the $183 and $102 levels for signs of support and long-term buying activity.​​

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