Solana is showing strong bullish signals as its price stabilizes around $149. This is driven by increasing network usage and growing odds of an Exchange-Traded Fund (ETF) approval. On-chain data indicates a bullish outlook for SOL.
The value of stablecoins on the Solana blockchain has steadily risen since early February, with the stablecoin market capitalization currently at $13.06 billion. This increased activity boosts network usage and attracts more users to the ecosystem through Decentralized Finance, meme coins, and payment use cases. Bloomberg Intelligence reports a 90% likelihood of US regulators approving a Solana spot ETF in 2025.
Six asset managers, including Grayscale and Bitwise, have filed for a SOL ETF. These filings are positive signs that could make it easier for traditional investors to gain exposure to SOL. Solana recently faced resistance at $160 and found support at its 50-day Exponential Moving Average of $140.30.
If SOL maintains above this level and exceeds $160, it could rally to retest the next resistance at $177.66. However, if it closes below $140.30, SOL might correct to its daily support level at $118.10.
Solana’s bullish trend persists
Solana futures’ open interest has surged to $5.75 billion, reflecting strong institutional interest. The network also holds the second-highest Total Value Locked at $9.5 billion, encompassing various decentralized finance services. Solana has commanded significant trading volumes on decentralized exchanges, leading with $21.6 billion in activity in the past week alone.
A potential spot Solana ETF in the United States could further boost SOL’s price. Analysts anticipate a high probability of approval from the SEC, with a final decision expected by October 10. This impending approval, combined with the network’s strong fundamentals, may fuel SOL’s rally above $200.
Veteran trader Josh Olszewicz shared a chart showing a textbook inverse head-and-shoulders pattern forming on the SOL/BTC pair since early March. A clean breakout would imply a technical objective near 0.00195 BTC, roughly $205 per coin. However, the market is still beneath key resistance levels, and trend confirmation is pending.
If the bullish pattern plays out, SOL could add roughly 26% against Bitcoin from present levels. However, if the neckline rejects again, downside protection is thin until the twin shoulders at 0.00145–0.00148 BTC. A break of that shelf would invalidate the bullish thesis.
