Today, Solana (SOL) is trading at $167.30, marking a 3.5% increase in the last 24 hours, and a 6.6% surge over the past week. This positive movement fuels optimism within the crypto community regarding a potential significant rally.
According to a CryptoQuant Quicktake post by burakkesmeci, SOL is currently in a cooling phase on both spot and futures Bubble Maps. This deceleration might indicate a strategic accumulation phase, especially with the anticipation of a Solana exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) in the coming weeks.
Eric Balchunas, Senior ETF Analyst at Bloomberg, mentioned Solana could lead a "potential altcoin ETF summer" in a recent X post. Polymarket predicts a 91% probability of a Solana ETF being approved in 2025, the highest since January. Many expect a SOL ETF to launch by July 2025.
Technically, the outlook is also encouraging. Crypto analyst Ali Martinez noted that if SOL breaks above $200, a 5x to 10x bull run could begin. A bullish Cup and Handle pattern is forming on the weekly chart.
Despite the optimism, some indicators suggest caution. On-chain data reveals a large movement of dormant SOL coins, raising concerns about potential selling pressure. However, many analysts believe SOL could surpass its current all-time high (ATH) of $293 later this year.