Solana’s price dropped to $192, wiping out its recent rally to $253 in under a week, sparking concerns about near-term strength. Grayscale’s spot ETF decision on Oct. 10 could attract institutional flows similar to BTC and ETH. Pantera Capital suggests SOL is ripe for institutional investment, with less than 1% currently owned by institutions.

While Solana’s price action has been volatile, the broader trend remains positive with higher highs and higher lows. The current correction is within a key support zone, with a potential bounce expected between $200 and $185. A drop below $185 could weaken the trend. The RSI signals a potential short-term bottom, historically leading to swift recoveries.

The upcoming Grayscale spot ETF decision on Oct. 10 could be a game-changer for Solana, attracting more institutional investment and potentially accelerating adoption. However, the market remains cautious, with a 41% probability of SOL reaching a new all-time high in 2025. The decision could determine SOL’s future trajectory and market sentiment.

Read more at Cointelegraph: SOL Dips To $192 Ahead of Key ETF Ruling