Solana Price Surge: ETF Approval Boosts SOL to $300 Potential!
Solana’s Price Surge Anticipated Amid ETF Approval Hopes
Key Insights
- The probability of a spot Solana ETF receiving approval has soared to 99.7% according to Polymarket.
- A bullish flag pattern on Solana’s daily price chart suggests a potential target of $300.
Solana (SOL) has recently formed a bullish flag pattern on its daily price chart, a technical indicator often seen as a precursor to significant upward movement following a breakout. This technical formation, combined with the high likelihood of a spot Solana ETF being approved in 2025, raises the question: could this be the beginning of a rally towards new all-time highs?
Bullish Flag Pattern Points to $300 Target
Technical analysis of Solana’s price indicates that it may gain traction if it successfully breaks out of the current bull flag formation on the daily chart. A bull flag typically emerges after a price surge, followed by a period of consolidation within a downward-sloping range.
Once the price surpasses the upper trendline of this pattern, it often rises by an amount equivalent to the height of the preceding uptrend. This analysis suggests that Solana could reach an upper target of approximately $303, representing a potential 100% increase from current levels.
Recent data shows that the daily Relative Strength Index (RSI) has climbed above the midline, moving from near-oversold levels of 31 on June 22 to 53 on Wednesday, indicating a strengthening bullish momentum.
Several analysts are optimistic about Solana’s trajectory towards $300, citing factors such as increased network activity, rising odds for ETF approval, and positive on-chain metrics. One analyst noted, “Solana’s growth is becoming increasingly inevitable as fund inflows from other chains continue to rise weekly and monthly,” with targets set at $200, $300, and even $500.
Market analyst Alek Carter recently highlighted that strong fundamentals and the breaking of a multi-month downtrend position Solana for a significant price increase, with targets set between $280 and $300.
Surge in Solana ETF Approval Odds
The likelihood of the U.S. Securities and Exchange Commission (SEC) approving a spot Solana ETF has surged to 99.7% as of July 2, according to data from Polymarket. This reflects a growing confidence among investors regarding Solana’s integration into traditional financial markets.
Major asset management firms, including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital, have submitted multiple applications for spot Solana ETFs, indicating strong demand for regulated investment options in SOL.
Bloomberg’s senior ETF analyst, James Seyffart, anticipates a “wave of new ETFs in the latter half of 2025,” estimating the approval odds for Solana ETFs at around 95%. Although the SEC has postponed its decision on Fidelity Investments’ application for a spot Solana ETF, Seyffart views this delay as a positive sign, suggesting constructive interactions between the SEC and issuers.
The approval of spot Solana ETFs could unlock substantial institutional capital, driving demand for SOL and potentially pushing prices to new heights, with some analysts forecasting targets as high as $1,300.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All investments carry risks, and readers should conduct their own research before making financial decisions.
