Solana (SOL) is navigating a challenging market environment as large whale wallets transfer significant amounts of SOL to exchanges, potentially signaling sell-offs. Forward Industries and Galaxy Digital have moved approximately $192 million and $50 million worth of SOL to Coinbase and Binance, respectively. Despite this, optimism is building around the anticipated launch of a Solana ETF, with 21Shares filing a Form 8-A(12B) with the US SEC, which could attract new institutional investments. Technically, SOL has broken out of an 18-month reaccumulation range and is trading above $200, having successfully retested the $190 support level. Analysts suggest that if SOL can maintain this support and fill the $204–210 price gap, it could target higher resistance levels, potentially reaching $260. The ETF approval could further bolster SOL's price by absorbing market supply. However, continued whale sell-offs might push SOL back to the $100–150 range before any significant rally.