Solana (SOL) has regained focus, now trading near $183.33 after rising over 6% in the past day and approximately 11% this week. What’s pushing the price up? Mainly growing talk around a Solana ETF, big investors buying in, and strong signals from the charts.
The primary reason is the growing possibility of a U.S.-approved Solana ETF. Several asset managers, including Grayscale, VanEck, Bitwise, and Galaxy Digital, have filed for spot Solana ETFs. According to some market predictions, there is a 99% chance these get approved by the end of 2025.
REX-Osprey’s spot Solana ETF already pulled in $73 million in inflows. For context, an ETF lets investors buy into Solana through a regulated fund rather than holding the token themselves, making it easier for big institutions to get involved.
That brings us to the second reason: real institutional buying. Upexi Inc. recently announced it would acquire 1.6 million SOL, worth around $273 million.
European investors are also joining in, with a new stake in the SOL product listed on Deutsche Börse’s Xetra exchange.
Meanwhile, companies like Click Holdings and BIT Mining have publicly shared plans to add Solana to their treasuries.
There’s also clear movement on Solana’s price chart. SOL recently broke above the $175 mark, a level traders had been watching. In market terms, this is called breaking resistance, basically, when a price climbs past a level that it previously struggled to cross. That kind of move usually signals further upside.
Solana Price Chart – Tradingview
Source: TradingView
The next price targets now being discussed are $200, $265, and possibly $300, depending on whether buying momentum continues. Analysts also point to a cup-and-handle pattern forming on the chart. That’s a technical formation seen as bullish over the long term.
The Relative Strength Index (RSI), which helps traders figure out if a coin is overbought or oversold, is just below 70 right now. That means Solana still has some room to move up before the rally starts to cool off.
Over the past month, Solana’s price has been steadily moving higher. From a low around $126 in mid-June, it’s now approaching the upper end of its recent range. It’s still about 35% off its January high of $294, so there’s ground left to cover.
Beyond price, Solana’s blockchain activity has been strong. It now ranks second among all blockchains in terms of daily decentralized exchange volume, crossing $3 billion. Its on-chain revenue for the second quarter reached $570 million. That’s a big number across the crypto space.
Of course, it’s not all clear skies. Solana has had network outages in the past, and if the price falls back below $145, some analysts warn it could drop further. There’s also always the risk that ETF hype cools if approval gets delayed.
Still, with institutional demand rising, blockchain growth being solid, and ETF odds looking strong, many traders see Solana as setting up for another leg higher. Whether it can break through that $294 level again remains to be seen, but for now, momentum is clearly back on its side.