Solana stumbles on ETF delay — but $500M Helius bet signals big upside ahead

Solana (SOL) is having a turbulent September, with the cryptocurrency surging strongly in recent weeks only for a regulatory setback and profit-taking to slow its momentum.

Nevertheless, institutional bets such as Helius’ half-billion-dollar treasury reserve point to a market that remains firmly in Solana’s corner.

Solana ETF delay rattles investors

The US Securities and Exchange Commission (SEC) has pushed back its decision on Solana and XRP exchange-traded funds filed by Franklin Templeton.

The agency cited extended review timelines for products linked to staking, echoing earlier caution around Ethereum’s spot ETF filings.

The delay means Solana investors will have to wait until at least mid-November for clarity.

The news immediately cooled speculative optimism, with Polymarket predictions showing odds of approval for a Solana ETF falling sharply from near certainty to uncertain territory.

The postponement has weighed on prices, with SOL falling 4.1% in the last 24 hours, underperforming the broader crypto market, which shed less than 1%.

The delay has taken some of the heat out of Solana’s rally, though fundamental interest remains.

Technical setup signals increased sell pressure

From a technical analysis standpoint, Solana’s Relative Strength Index (RSI) recently climbed above 70 on the daily chart, a level tviewed as overbought.

Solana price chart | Source: CoinMarketCap

That has triggered profit-taking near the $243 resistance zone, pushing the price back toward $233.

Momentum indicators also signal a slowdown, even as the golden cross formation on moving averages and the MACD signals a broader bullish trend.

Although Solana (SOL) is still up more than 23% month-to-date and more than 72% over the past year, outperforming both Bitcoin (BTC) and Ethereum (ETH) over the same period, if it closes below $231, it could test the $221 support zone.

Helius Medical Technologies’ $500M Solana treasury

Despite the bearish technical outlook, Nasdaq-listed Helius Medical Technologies has announced a $500 million corporate treasury reserve built entirely around Solana.

The firm priced an oversubscribed stock offering to raise the funds, with additional warrants that could lift the total haul above $1.25 billion.

The company said it will scale its SOL holdings over the next 24 months and explore staking and lending opportunities in the ecosystem.

Following the announcement, Helius shares surged more than 159% in trading, highlighting investor enthusiasm for the move.

Solana outlook

Despite the ETF setback and a recent scam incident that drained $185,000 from fake token launches, Solana’s ecosystem metrics remain strong.

Total value locked has reached record highs above $13 billion, and on-chain activity is rebounding across addresses and revenue.

The coming months will test whether institutional conviction outweighs regulatory uncertainty.

With billions of dollars flowing into Solana treasuries and corporate balance sheets, the blockchain is becoming a central piece of digital finance.

If the SEC offers a clearer path for ETFs later this year, the stage may be set for another breakout.

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