Key takeaways:
-
SOL futures open curiosity is up 12%, signaling robust institutional curiosity.
-
Spot Solana ETF approval odds soar to 91% on Polymarket.
-
A SOL worth bull flag is in play on the weekly chart, concentrating on $335.
Solana (SOL) worth is up 4.3% during the last 24 hours to commerce at $165 on Wednesday. That is nonetheless 43% under its all-time high of $294, reached on Jan. 19.
Nevertheless, a number of basic, onchain and technical metrics counsel that SOL may proceed its ascent towards new all-time highs above $330.
Solana open curiosity nears all-time highs
SOL’s Wednesday worth enhance was accompanied by an uptick in leveraged positions, with the combination open interest (OI) for Solana futures reaching $7.54 billion, up 12% within the final 24 hours. This can be a 20% enhance from the earlier week and sits simply 12% under the height of $8.57 billion reached on Jan. 19.
This displays a powerful adoption of SOL derivatives, suggesting rising institutional curiosity but additionally introducing potential dangers.
Regardless of the upper danger of compelled liquidations within the occasion of an SOL worth correction, derivatives information factors to additional upside potential.
Rising TVL and variety of energetic Solana addresses
Solana’s main decentralized utility metric began to show power in April. The community’s total value locked (TVL), which measures the quantity deposited in its good contracts, rose to its highest degree since June 2022 at 56.8 million SOL, value about $9.1 billion.
There are different elements that affect Solana’s enhance in worth and TVL. To substantiate whether or not DApp use has successfully elevated, traders also needs to analyze the variety of energetic addresses throughout the ecosystem.
The variety of Solana community addresses interacting with decentralized functions jumped by 38.5% during the last 24 hours to 2.7 million. Constructive efficiency is seen among the many high 5 DApps, with their distinctive energetic wallets (UAWs) rising by 77%-300% as proven within the chart under.
This means elevated curiosity within the layer-1 ecosystem, lifting demand for SOL.
Solana ETF approval odds soar to 91%
The probability of the US Securities and Change Fee (SEC) approving a spot Solana exchange-traded fund (ETF) in 2025 jumped to 91% Wednesday, in line with Polymarket information.
Multiple spot Solana ETF applications from asset administration giants like VanEck, Grayscale, 21Shares, Bitwise and Canary Capital sign sturdy demand for regulated SOL funding autos.
Associated: Société Générale launches US dollar stablecoin on Ethereum and Solana
Bloomberg senior ETF analyst Eric Balchunas said the SEC may “act early” on Solana and staking ETF filings, putting the approval odds at 90%.
“Prepare for a possible Alt Coin ETF Summer season with Solana probably main the way in which.”
Prepare for a possible Alt Coin ETF Summer season with Solana probably main the way in which (in addition to some basket merchandise) through @JSeyff observe this morning which incorporates contemporary odds for all of the spot ETFs. pic.twitter.com/UMzih4oou7
— Eric Balchunas (@EricBalchunas) June 10, 2025
Approval of those funds may unlock institutional capital, amplify demand for SOL and potentially drive prices higher, with some analysts predicting targets as high as $1,300.
SOL worth bull-flag hints at $335
SOL worth has shaped a bull flag chart sample on the weekly chart, as proven under.
A bull flag sample is a bullish setup that types after the value consolidates inside a down-sloping vary following a pointy worth rise.
Bull flags sometimes resolve after the value breaks above the higher trendline and rise by as a lot because the earlier uptrend’s top. This places the higher goal for SOL worth at $335, or a 103% enhance from the present worth.
The weekly RSI is transferring above the midline and has elevated to 51 this week from 36 on March 31, indicating rising bullish momentum.
Cointelegraph reported that the SOL/USD pair should first flip the resistance at $190 into new help to make sure a sustained restoration.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.
