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Solana (SOL) is showing strong signs of bullish momentum, driven by surging onchain activity, rising institutional interest, and increasing odds of a spot Solana ETF approval.
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Key metrics such as futures open interest and total value locked (TVL) highlight growing confidence in Solana’s ecosystem, signaling potential price gains toward $300 and beyond.
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According to COINOTAG, “The convergence of derivatives growth and ETF optimism positions SOL as a leading contender in the altcoin market’s next phase.”
Solana’s rising futures open interest, increasing TVL, and a 91% chance of spot ETF approval suggest strong bullish momentum for SOL price toward $300.
Institutional Interest Drives Solana Futures Open Interest Near All-Time Highs
Solana’s recent price surge is underpinned by a notable increase in futures open interest, which climbed 12% in 24 hours to $7.54 billion. This figure approaches the all-time peak of $8.57 billion recorded in January, reflecting heightened institutional participation in SOL derivatives markets. Such growth in open interest indicates that traders are positioning for continued upside, although it also introduces elevated risk of forced liquidations if prices correct sharply. The sustained increase in leveraged positions underscores Solana’s growing appeal as a speculative and hedging asset among professional investors.
Onchain Metrics Confirm Strengthening Ecosystem Engagement
Beyond derivatives, Solana’s fundamental onchain indicators reveal robust ecosystem activity. The network’s total value locked (TVL) has surged to 56.8 million SOL (~$9.1 billion), the highest level since mid-2022. This growth is complemented by a 38.5% rise in active addresses interacting with decentralized applications, reaching 2.7 million within 24 hours. Top decentralized applications have experienced a remarkable increase in unique active wallets, ranging from 77% to 300%, signaling renewed user interest and demand for Solana’s layer-1 infrastructure. These trends collectively suggest that Solana’s network utility and adoption are expanding, which typically supports price appreciation over the medium term.
Spot Solana ETF Approval Odds Surge to 91%, Boosting Institutional Demand
Market sentiment around regulatory approval of a spot Solana ETF has dramatically improved, with Polymarket data indicating a 91% probability of approval in 2025. This optimism is fueled by multiple filings from major asset managers including VanEck, Grayscale, and Bitwise, reflecting strong institutional appetite for regulated SOL investment products. Bloomberg ETF analyst Eric Balchunas highlighted the potential for an “Alt Coin ETF Summer,” with Solana poised to lead the charge. Approval of these ETFs would likely unlock substantial institutional capital inflows, amplifying demand and potentially driving SOL prices well beyond current levels.
Technical Analysis Supports Bullish Outlook with $335 Price Target
Technically, Solana’s weekly chart reveals a bull flag pattern, a classic continuation formation that suggests further upward momentum. Following a sharp price rally, SOL has consolidated within a downward-sloping channel, which typically precedes a breakout to the upside. If SOL breaks above the flag’s upper trendline, the price could target $335, representing a potential 103% gain from current levels. The weekly Relative Strength Index (RSI) has also improved from 36 to 51 since late March, indicating strengthening bullish momentum. However, analysts caution that SOL must first convert the $190 resistance level into support to confirm a sustained recovery trajectory.
Conclusion
Solana’s combination of rising futures open interest, expanding onchain activity, and near-certain spot ETF approval creates a compelling bullish case for SOL. Institutional engagement and growing ecosystem adoption are key drivers supporting this momentum, while technical patterns reinforce the potential for significant price appreciation. Investors should monitor critical support and resistance levels closely, as a confirmed breakout could set the stage for SOL to revisit and potentially surpass previous all-time highs. Overall, Solana remains a prominent altcoin to watch amid evolving market dynamics and regulatory developments.
