- Solana leads altcoin ETF momentum with 90% approval odds and strong institutional backing as filings gain regulatory traction.
- A multi-year cup-and-handle formation supports bullish potential for Solana, setting up for a breakout above $200.
- Altcoin ETF approvals could reshape the crypto market this summer with Solana emerging as the frontrunner for institutional demand.
Solana is once again in the spotlight as momentum grows around potential spot ETF approvals. Seven issuers have submitted applications for Solana ETFs, sparking renewed optimism across the crypto market. Bloomberg analysts Eric Balchunas and James Seyffart now place Solana’s ETF approval odds at 90%, matching those of Bitcoin’s early filings. These developments arrive as SOL consolidates near $155, building pressure against the resistance level. Besides, technical indicators hint at a possible breakout that could trigger a multi-fold rally.
ETF Momentum Fuels Market Excitement
The Securities and Exchange Commission (SEC) has acknowledged filings for eleven altcoin-based ETFs, signaling a shift in regulatory tone. Grayscale, Bitwise, and Franklin Templeton are leading the charge, with basket index funds also gaining traction. Hence, Solana could be the first major altcoin to receive approval following Bitcoin and Ethereum.
Rex-Osprey’s attempt to introduce staking-based Solana products has accelerated the SEC’s review process. Moreover, analysts expect the agency to respond swiftly to this strategic move. Consequently, the crypto market now views the summer of 2025 as a turning point for altcoin ETFs. Solana stands out as a frontrunner, given its broad institutional backing and strong technical setup.
Technical Setup Signals Potential Explosion
Solana’s price reveals a textbook cup-and-handle formation spanning nearly three years. This structure typically precedes bullish continuation patterns. From a low of $8 in 2022, SOL surged over 2,400% to reclaim $200 levels by 2024. However, the asset now trades around $155 after a healthy consolidation phase.
Additionally, trading volumes have surged during major rallies, suggesting strong investor interest. This accumulation period reflects a robust base formation. Hence, a breakout above $200 could serve as a launchpad for a 5X to 10X move, according to analysts.
Solana’s recovery cycle mirrors classic crypto market phases — from capitulation to steady markup. Moreover, rising ETF optimism adds a powerful narrative that could attract institutional capital. As deadlines near, investors are watching closely.
