Solana (SOL) has recently broken through a significant technical barrier, signaling renewed optimism among traders and investors. The cryptocurrency, known for its high-speed blockchain and growing ecosystem, has cleared the $149 resistance level following a classic “cup and handle” pattern—a technical setup often seen before major price advances. This breakout, confirmed by bullish indicators like the MACD crossover and RSI rising above 50, suggests that SOL could be gearing up for a move toward the $168–$174 range if current support holds.
Technical Momentum and Market Sentiment
The recent price action for Solana has been closely watched by market participants. After consolidating above a strong support zone between $147 and $150, SOL has managed to flip resistance into support, a bullish signal for short-term traders. Analysts point to the breakout from a multi-week descending trendline and a symmetrical triangle pattern that had been forming since late May. These technical developments, combined with rising trading volumes, indicate that buyers are stepping back into the market.
ETF Approval: A Potential Game-Changer
Adding to the positive momentum is the growing likelihood of a Solana spot ETF approval. According to recent reports, the odds of regulatory approval have surged, with prediction markets now assigning a probability as high as 91% for a Solana ETF to be greenlit in 2025 . The SEC’s recent engagement with ETF applicants, including a leaked email suggesting “no further comments” on the REX Shares Solana ETF application, has further fueled speculation that approval could be imminent.
If approved, a Solana ETF would open the door to institutional capital, mirroring the inflows seen with Bitcoin and Ethereum ETFs. The proposed ETF also includes staking, which could attract additional interest from yield-seeking investors.
What to Watch Next
With technicals and fundamentals aligning, Solana appears well-positioned for further gains. Key levels to monitor include $160 and $172, which could act as the next resistance zones if bullish momentum continues. The combination of a strong technical breakout and the prospect of ETF approval has created a favorable environment for SOL heading into July 2025.
